Shares of cryptocurrency and blockchain related companies fell in early trading hours on Tuesday, as bitcoin hit a six-week low following a hack at Curve Finance, a platform where users can borrow and trade in crypto.
Bitcoin, the world’s biggest cryptocurrency, fell about 2% to $28,870.
Curve Finance was the victim of a hack, the company posted on messaging platform X, formerly known as Twitter, on Sunday. Losses are estimated to be over $40 million, according to media reports.
Crypto exchange Coinbase’s stock fell 6.6% and shares of blockchain-farm operator Bitfarms dropped about 7%, in early trading.
Crypto miners including Riot Platforms, Marathon Digital and U.S.-listed shares of Canada’s Hut 8 Mining declined between 3.5%% and 5.4%.
The crypto industry is at a crucial juncture, with two of the biggest industry players – Binance and Coinbase – under fire from the U.S. Securities and Exchange Commission.
Rate hikes by the U.S. Federal Reserve have also added pressure to risky assets such as crypto.
Source : Reuters
Safe government bonds enjoy a discount known as the convenience yield. When a government issues…
The most important urban decisions of this century are being made right now, mostly in…
We are living through two megatrends humanity has never seen before. The first is aging.…
For decades, foreign direct investment (FDI) was seen as the primary engine of development finance.…
The rapid diffusion of generative AI has revived fears that a new wave of automation…
Academic freedom has been declining over the past decade across the world. This column analyses…