Bitcoin price holds above $29,000, unmoved by Curve Finance hack

Quick Take

  • Bitcoin’s price traded mostly flat on Monday, holding above the $29,000 mark.

Bitcoin opened the week trading mostly flat, unmoved by a major Curve Finance DeFi exploit over the weekend.

The world's largest digital asset by market capitalization fell 0.5% to $29,218 at 1:19 p.m. ET, according to CoinGecko. It's remained relatively stable, trading within a narrow range between around $29,000 and $31,500 for over six weeks.

"Bitcoin isn't budging, and other high liquidity tokens like Ether seem to be so far unaffected," Justin d'Anethan, head APAC business development at Keyrock, told The Block, commenting on the Curve Finance hack on Sunday that spread concerns throughout the world of decentralized finance. 

"Unfortunately, the Curve Finance event is a sober reminder that, no matter how legitimate a protocol or a founding team might be, there are still risks associated with dApps that need to be considered in conjunction with the benefits of decentralized and self-custodial solutions," he addeed.

Bitcoin trading volume falls

A report from Coinshares, meanwhile, showed that long-Bitcoin investment products made up 93% of the digital assets outflows in the past six months. The trend shows investors have been taking profits in recent weeks, "with the sentiment for the asset overall remaining supportive."

Coinshares data suggests trading volumes for digital asset investment products have dropped across the entire crypto-market. This was reflected in the broader bitcoin market, which saw a total of $16 billion traded last week on worldwide exchanges, compared to the weekly average this year of $52 billion.

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