Crypto Shares Slid in Morning Trading, With Coinbase Stock Falling over 6%

Tiger Newspress2023-08-01

Crypto shares slid in morning trading, with Coinbase stock falling over 6%.

Canaan fell over 5%; Marathon Digital, Bit Digital fell about 4%; The9, Riot Blockchain fell about 3%.

A tumble in the native token of key decentralized cryptocurrency exchange Curve Finance sapped sentiment toward digital assets on concern that the episode could lead to wider turbulence.

Curve’s CRV coin has shed about 25% over three days after a hack on the platform. Its founder Michael Egorov has borrowed over $100 million across various crypto lending projects, backed by CRV. The worry is more CRV declines could foment losses by sparking forced liquidations of the loan positions.

“If we move lower still and these liquidation levels are hit, we could see a domino effect” across the decentralized finance sector, said Stefan von Haenisch, head of sales trading at OSL SG Pte in Singapore.

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