Hassan Maishera
TL;DR
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Bitcoin has dropped below the $29k level as market corrections continue.
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Altcoins like AAVE, CRV and COMP have lost over 10% of their values in the last 24 hours.
Bitcoin Dips Below $29k Again
The cryptocurrency market has been in a bearish trend in recent days. The prices of most coins have been trading in the red zone over the last 24 hours.
Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 1.5% of its value over the last few hours. At press time, the price of Bitcoin stands at $28,947.
Bitcoin has slipped below $29k for the second time in two weeks, with the bears currently in control of the market. The bearish trend comes following Curve Finance’s recent exploit. The exploit puts nearly $100 million worth of cryptocurrencies at risk.
Another catalyst behind the market’s poor performance is the recent rug pull of BALD, a meme project on Coinbase’s BASE blockchain. Some reports suggested that the rug pull is connected to Sam Bankman-Fried, the former CEO of the now-bankrupt FTX crypto exchange.
AAVE, the native token of the Aave ecosystem, and COMP, Compound’s native token, are two of the worse performers amongst the top 100 cryptocurrencies by market cap.
Their relationship with Curve Finance has seen their token prices take a massive hit over the past few days. CRV, Curve Finance’s native token, has also lost more than 10% of its value over the last 24 hours.
Due to the market’s poor performance, the total cryptocurrency market cap now stands at $1.17 trillion, down by 1.5% so far today.
