Crypto stocks dip after bitcoin slumps to six-week low
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 3.1% and blockchain-farm operator Bitfarms shares dropped 1.1%, in premarket trading. Crypto miners including Riot Platforms, Marathon Digital and US-listed shares of Canada's Hut 8 Mining declined between 3% and 3.35%.
The crypto industry is at a crucial juncture, with two of the biggest industry players — Binance and Coinbase — under fire from the US Securities and Exchange Commission. Rate hikes by the US Federal Reserve have also added pressure to risky assets such as crypto.
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