Bitcoin / Curve / Defi / Exploit · July 31, 2023 0

Bitcoin Dips Below $29.2K After Curve Exploit but Continues Its Range-Bound Ways; ETH, SOL, MATIC Sink

Bitcoin ETHUSD, the second largest crypto by market cap, and most other major cryptos in value according to CoinDesk Indices, followed a similar pattern, sinking after the Curve hack, which added to a long list of industry woes over the past two years.

ETH was recently changing hands at $1,857, off 1.2% from Sunday. Ether has been narrowly range-bound over the past seven days between $1,840 and $1,890. SOL and MATIC, the token of the smart contracts Solana and Polygon platforms, were recently off 4.5% and 4.2%, respectively, over the past 24 hours. Popular memecoin DOGE off 3.7%, respectively. The broader CoinDesk Market Index (CMI) recently moved 0.9% lower for the day.

U.S. jobs data will hold the economic spotlight in the coming week with investors looking for signs of a slowing employment market that the last vestiges of a two-year bout of torrid inflation was under control and that the Federal Reserve will be able to halt its diet of interest rate hikes that have often weighed on asset markets.

BitBull’s DiPasquale is not expecting “an overnight surge in the market,” and sees 2024’s halving as the next major price spur. “Until then, bulls will do well to accumulate when opportune and bears may want to practice vigilant risk management,” he wrote.