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CRV Price Surges 16% – What’s The Next Move For Curve DAO Token?

Curve Finance’s native token, CRV, has recently experienced a notable uptick in value, driven by a sudden surge in whale accumulation. As the decentralized finance (DeFi) platform’s token rebounds from its November 2022 low of $0.4, crypto enthusiasts are left wondering whether this momentum is sufficient to initiate a sustained bullish trend for CRV.

Over the weekend, cryptocurrency tracker Lookonchain detected an interesting activity involving two significant whales. The first whale orchestrated a substantial withdrawal, amassing a staggering 19.56 million CRV tokens valued at approximately $10.33 million from the popular crypto exchange Binance.

What makes this move even more intriguing is that the whale proceeded to stake the entire sum on Convex Finance (CVX), a DeFi platform intricately designed to empower Curve users in enhancing their rewards.

Not to be outdone, another whale executed a withdrawal of 5.78 million CRV tokens, worth in excess of $3 million, from Binance on a Sunday, further piquing the curiosity of the crypto community.

Resistance Looms, Yet Potential For CRV Persists

The current price of CRV on CoinGecko stands at $0.515, reflecting a 0.1% decline over the past 24 hours but showing a promising seven-day rise of 16%.

Despite the upward surge, CRV is currently confronting a resistance zone in the vicinity of the $0.55 mark, potentially attributable to short-term traders capitalizing on their gains.

In the event that supply pressure mounts, this altcoin could undergo a minor retreat, possibly descending to levels around $0.5 or even $0.45 as it regains its bullish footing.

If the ongoing recovery trend retains its momentum, CRV’s price, according to a price report, may aspire to another notable ascent, targeting a 10% upswing to challenge the upper threshold of a long-standing channel pattern.

Taking a step back to assess the broader picture, the CRV token has endured a prolonged correction phase, ensnared within a descending channel pattern that has persisted since February 2023.

Implications For The Future

As CRV navigates the currents of the crypto market, the recent surge in whale accumulation adds a layer of anticipation to its journey. Whether this accumulation is indicative of a more sustained bullish run remains to be seen, as the token grapples with resistance levels and supply dynamics. 

Nonetheless, the evolving dynamics surrounding CRV underscore the ever-evolving nature of the cryptocurrency space, where market sentiment and investor behavior can rapidly shift the course of a digital asset. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month?

Curve DAO (CRV) encountered notable obstacles in reestablishing its market equilibrium subsequent to a recent breach in its network security.

After a network intrusion that jeopardized a portion of Curve DAO’s (CRV) smart contracts and caused a monetary setback of $50 million, the value plummeted drastically.

This occurrence prompted numerous investors to bet against their CRV tokens, exacerbating the downward pressure on its valuation.

Based on a recent analysis of the price trends, the value of Curve DAO experienced a favorable support level close to the $0.56 threshold. On August 1st, there was an instance of rejection for the lower price, indicating that buyers are accumulating at this reduced price point.

Anticipated Curve DAO (CRV) Price Movement

In the face of ongoing security concerns, a separate analysis anticipates a substantial 42.1% surge in CRV’s price, propelling it to $0.81 once the security issues are effectively addressed and resolved.

Conversely, contrasting predictions foresee a potential 15.7% decline, bringing the value down to $0.48. This shift in sentiment is attributed to a significant number of investors diverting their attention toward competing options within the CRV ecosystem.

Examining the daily chart, a notable trend emerges as the CRV price experiences its second reversal from a horizontal support level, indicative of the emergence of a double bottom pattern. Presently, this bullish reversal has facilitated an 8% upsurge, driving the price to its current value of $0.614.

Within the framework of the double bottom pattern, an expectation arises for buyers to steer the prices upwards by 20%, seeking to challenge the upper trendline of the channel pattern.

The true confirmation of a trend reversal lies in a bullish breakout from this resistance level, which would fortify the validity of the emerging pattern.

A Potential Trend Reversal

The double bottom pattern is a technical chart pattern observed in financial markets, characterized by two consecutive troughs forming near a common horizontal support level.

This pattern suggests a potential trend reversal from a downtrend to an uptrend, as the initial downtrend exhausts itself and buyers regain control, leading to a bullish breakout when the price surpasses the pattern’s resistance level.

Should the CRV breakout materialize, a subsequent rally could ensue, targeting an initial goal of approximately $0.08. Following this milestone, a subsequent price objective of $1.1 might come into play, underscoring the potential magnitude of the trend reversal that the double bottom pattern could potentially signify.

With a CoinGecko listing of $0.603, the price of CRV demonstrated a 2% decline over the past 24 hours, while it managed a 1.7% increase over the last seven days.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CCN.com

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Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning

In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu.  

The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned.

Curve Finance Breach Ends On Positive Note

Curve Finance has announced the return of stolen funds worth over $60 million, which were taken in a recent exploit. 

As reported by NewsBTC, the protocol had issued a statement on Etherscan, urging the hackers to return the funds, and offered a 10% reward for their return. The hackers have agreed to return the funds, keeping 10% of the stolen amount.

The attack on Curve Finance, which took place on July 30th, significantly impacted the decentralized finance (DeFi) sector and raised concerns about its security. 

The hack targeted several pools on Curve Finance, withdrawing more than $47 million from various DeFi projects. This led to a drop in the value of Curve DAO (CRV), prompting its founder, Michael Egorov, to sell off the asset to save it.

Following the attack, Curve Finance has taken measures to improve its security, including updating its contracts and implementing stricter security protocols. The protocol has also called on the hacker to return the stolen funds and offered a reward for their cooperation.

The hack had caused significant concern among the cryptocurrency community. Still, the Alchemix Finance team’s swift response and the hacker’s decision to return the stolen funds demonstrate the importance of protocols taking swift action to protect their users and assets.

CRV Sees Strong Trading Volume Despite Recent Hack

Curve Finance is one of the largest decentralized exchanges (DEXs) in the cryptocurrency market, with a total value locked (TVL) of $2.349 billion, according to data from DeFiLlama. 

The exchange has a market capitalization of $540.35 million and a fully diluted valuation of $2.035 billion, making it a significant player in the DeFi ecosystem.

The Curve Finance token (CRV) price currently stands at $0.62, with a 24-hour trading volume of $177.09 million. The staked amount of CRV is $432.64 million, representing approximately 80.07% of the market capitalization of the protocol.

Curve Finance

The data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi sector, with a substantial TVL and a high level of staked tokens. The liquidity available for trading on the exchange is also significant, with a high annualized trading volume and fees.

The revenue generated by Curve Finance demonstrates the potential for decentralized exchanges to become profitable businesses, offering a viable alternative to centralized exchanges. 

Overall, the data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi ecosystem and the potential for decentralized exchanges to become profitable businesses. With its high TVL, staked tokens, and liquidity, Curve Finance is well-positioned to continue its growth and become a leader in the DeFi sector.

Featured image from Unsplash, chart from TradingView.com

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CRV Price Recovers From 6-Month Lows, What’s Driving The Price?

Curve Finance’s native token CRV has recovered from a 6-month low, and many believe that the news of Huobi co-founder Jun Du buying CRV tokens has contributed to it. 

Jun Du bought 10 million tokens valued at $4 million from Micheal Egorov, founder of Curve. Egorov had offered his tokens for sale to bolster his at-risk loan positions, primarily for borrowing stablecoins using CRV tokens as collateral. 

Some Positives For Curve Finance Despite Hack

Curve Finance, one of the biggest DeFi protocols on the Ethereum blockchain, recently saw its in-house CRV price recover about 25% at the start of the month. It had previously dropped by 35% between July 30-31 following the panic selloff spearheaded by Curve Finance’s $47 million exploit. 

The July reentrancy attack was not the only exploit recorded on Curve Finance as the DeFi protocol had previously lost over $570,000 in August 2022 after hackers compromised the front end of its liquidity pool. 

However, the recent acquisition of 10 million tokens by Jun Du projects a positive outlook for CRV tokens, especially the recent attack on its ecosystem. Confirming the transaction, Du noted that he has locked up his investment for a period of one year as veCRV. 

Apart from Du, the Aave Chan Initiative, a delegate platform from Aave’s governance forum, recently put forward a proposal for the purchase of about $2 million worth of CRV. After the planned purchase, which is to be made by the Aave Treasury, the CRV tokens would also be locked up as veCRV for about four years. 

Curve (CRV) price chart from Tradingview.com

CRV Remains Popular Among Investors

Egorov has so far sold 72 million CRV tokens to various investors and the continued purchase and acceptance of the CRV token demonstrates its popularity and utility. 

One such investor who remains bullish on CRV is Justin Sun, founder of the Tron network. He recently acquired 5 million CRV from Egorov by paying using Tether’s USDT in a direct Over-the-counter (OTC) trade. Justin confirmed the purchase in a tweet noting that both platforms “As steadfast partners” will keep being “…committed to providing support whenever needed.”

According to a Twitter post by Sandra from Nansen, other popular purchasers of Curve tokens include Cream Finance, Machi Big Brother, DWF Labs, DCFGod, and Andrew Kang, co-founder of Mechanism Capital. 

A vast majority of these transactions were conducted through OTC, with Egorov realizing over $20 million, which he applied to balancing his borrowings and removing himself from liquidation. Egorov also sent another huge supply of CRV (17.5 million) to an address starting with 0xf51. 

Once the largest DeFi protocol on the Ethereum blockchain, the vast majority of Curve trading volumes still come from Ethereum. 

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Curve DAO (CRV) Price Recovery Post-Exploit: What Would Be A Realistic Scenario?

Curve DAO (CRV) has established itself as a prominent DeFi platform, renowned for providing ample liquidity, particularly for stablecoins. However, an unfortunate security breach occurred over the weekend, causing a significant decrease in both the total funds entrusted to Curve and the value of its native token, CRV, which serves as a means of transaction within the protocol. 

According to a report from Bloomberg, this decline in CRV’s price has put the substantial sum of over $100 million in loans at risk of being liquidated, posing a serious challenge for Curve Finance’s founder, Michael Egorov.

As news of the potential liquidation of the Curve Founder’s assets spread, the sentiment among investors turned increasingly fearful, resulting in a notable impact on the CRV market’s price action in recent days. Many are now questioning whether there is any hope for a recovery.

CRV Price Analysis: Mixed Trends Prompt Speculation On Sentiment

According to CoinGecko, the price of CRV currently stands at $0.563, reflecting a decrease of -2.40% in the last 24 hours. Additionally, over the past seven days, CRV has experienced a significant decline of 22.1%.

Despite the recent uptick, a bearish sentiment overshadows the CRV token’s prospects. Notably, a fundamental support level lies at the $0.5 mark, which underwent testing in November and December 2022.

Furthermore, a potential positive price response might be witnessed at the $0.32 support level from October and November 2020.

Unveiling Potential Shifts In Sentiment

An intriguing observation comes from the CRV price report, highlighting a sudden spike in previously dormant Open Interest (OI) charts within the past 48 hours. This occurrence coincided with a period of losses for the Curve DAO token on the chart.

A noteworthy development emerged during the recent rebound from $0.5 as the OI continued its ascent. This phenomenon raises the question: could this point to a direction toward bullish sentiment?

As the CRV token navigates these mixed trends, market participants contemplate the interplay between short-term gains, historical support levels, and the evolving Open Interest dynamics. The complex mosaic of these factors will likely shape the sentiment and direction of CRV’s journey in the days to come.

Egorov Responds To Contagion Concerns Amidst CRV Incident

Meanwhile, Egorov talked to Bloomberg in the same report, shedding light on his strategic approach to mitigate the impact of the ongoing liquidation threat. He shared his focus on diminishing the sizes of his loans as a precautionary measure.

Speaking about the potential contagion effects of the situation, Egorov conveyed his perspective in an email to the publication: 

“I cannot comment much about contagion effects apart from saying that we, and I personally, work on minimizing or eliminating the impact,” he wrote. “In any case, I think we and all DeFi will come out stronger surviving this event.”

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Bankless Times

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Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks

In the wake of a massive exploit, the price of the Curve (CRV) token has declined drastically, recording double-digit losses in the last day. This has led to what some would call an opportunity to buy cheap coins and Matrixport and Bitdeer founder Jihan Wu is one of the believers.

A Good Time To Buy Curve (CRV)?

Jihan Wu recently tweeted that he bought the CRV dip. According to Wu, he remains a strong believer in the token because of its future applications.

Wu’s tweet comes at a time when Decentralized Finance (DeFi) platform Curve DAO’s native token CRV has been down by more than 12% in the last 24 hours. This dip came following an exploit in some of Curve’s stablecoin pools. 

The exploit on the protocol reportedly occurred due to a bug in the Vyper programming language, which is used to power part of the DEX’s ecosystem. 

Despite this occurrence, Wu believes that this is a good time to invest in the CRV tokens as these tokens will play a significant role in the coming RWA (Real World Assets) wave in reference to the tokenization of physical assets.

“In the coming RWA wave, $crv is one of the most important infrastructures. I have BTFD. NFA,” the founder said in the tweet.

Without a doubt, the tokenized industry is growing and boasts immense potential. Last year, a World Economic Forum survey projected the tokenized assets industry to account for almost 10% of the global GDP by 2027. 

The tokenization of real-world assets will involve bringing physical assets like houses, arts, and precious metals on-chain. This will undoubtedly provide easier access and promote fractional ownership of these assets. 

Curve (CRV) price chart from Tradingview.com

As Wu has highlighted, DeFi protocols like Curve and tokens like CRV will play an integral role in facilitating transactions involving the transfer and trade of these tokenized assets. 

DeFi Security Remains A Stumbling Block

The several exploits on DeFi protocols continue to remain a huge problem in the DeFi ecosystem and something which many consider a stumbling block to the wider adoption of DEXs over CEXs by many crypto users. Recently, Curve Finance’s Omnipool platform, Conic Finance, suffered an exploit that resulted in the hacker stealing over $3 million in Ether.

A report from Web3 portfolio app De.Fi found that over $204 million was lost to hacks and exploits in the DeFi ecosystem in Q2 of 2023 alone. The number of incidents (117) in Q2 this year translated to an “almost 7 times” increase in comparison with Q2 of 2022 (17 incidents). 

According to the report, over $665 million have been lost to such exploits this year. And these breaches further highlight the need for DeFi protocols to implement enhanced security mechanisms on their platforms.