Crypto stocks dip after bitcoin slumps to six-week low
Technology
Crypto stocks dip after bitcoin slumps to six-week low
(Reuters) - Shares of cryptocurrency and blockchain related companies fell in premarket trading on Tuesday, as 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 (COIN.O) stock fell 3.1% and blockchain-farm operator Bitfarms shares dropped 1.1%, in premarket trading.
Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-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 U.S. Securities and Exchange Commission.
Rate hikes by the U.S. Federal Reserve have also added pressure to risky assets such as crypto.
