Bitcoin, Ethereum, Dogecoin Mixed After Curve Finance Exploit Puts $100M Worth Of Crypto At Risk: Analyst Predicts King Crypto ‘Will Be Top Of The Food Chain’

Major cryptocurrencies traded mixed on Sunday evening following an announcement by Curve Finance, a stablecoin exchange, regarding a security exploit it suffered.

What Happened: Multiple stable pools on Curve Finance were recently exploited using Vyper, putting $100 million cryptos at risk, CoinDesk reported.

Vyper has identified that versions 0.2.15, 0.2.16, and 0.3.0 are susceptible to malfunctioning reentrancy locks. In response to the incident, Vyper stated on X, “The investigation is currently underway. However, any project relying on these versions should urgently contact us.” 

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In the upcoming week, all eyes will be on the U.S. jobs data, as investors seek indications of a potential slowdown in the employment market. 

This data will also help determine whether the persistent inflationary pressures of the past two years are finally being brought under control. Additionally, investors eagerly await news on whether the Federal Reserve will be able to scale back its series of interest rate hikes, which have often had a notable impact on asset markets.

Top Gainer (24 Hour)

Currently, the global crypto market capitalization stands at $1.19 trillion, a 0.05% decrease in the last day.

Stock futures showed a slight rise in overnight trading on Sunday. S&P 500 futures recorded a 0.2% increase, while Nasdaq 100 futures saw a higher gain of 0.4%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto Analyst Michael Van de Poppe suggests that Bitcoin dominance is approaching a turning point, potentially reaching a peak at the 200-Week MA and EMA. 

This pattern is similar to what happened in the cycle leading up to the 2019 Bitcoin halving, where dominance also started to taper off. It’s an interesting case of history repeating itself, indicating that it might be time for the spotlight to shift towards altcoins, as the potential for growth emerges on the horizon.

Veteran trader Peter Brandt on Friday shared his beliefs regarding Bitcoin, highlighting three key points:

The approval of a Bitcoin exchange-traded fund (ETF) in the United States will likely be a non-event. Brandt expects the upcoming Bitcoin halving to also be a “non-event.” He emphasizes that markets tend to anticipate such events and adjust prices accordingly, suggesting that the halving’s impact has already been factored in.

According to Brandt, Bitcoin’s correlation with other markets is negligible. He believes that Bitcoin “will be top of the food chain. That’s the only thing that matters.”

Photo Courtesy: Shutterstock.com

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