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In the background of the broader crypto market's recent waning price action, marked by a 0.24% slip in the global market cap, a whale has accumulated noteworthy amounts of five cryptos from CEXs OKX & Binance, piquing investor attention globally. The accumulations, encompassing Ethereum (ETH), Shiba Inu (SHIB), Curve (CRV), Uniswap (UNI), and PancakeSwap (CAKE)
In the early hours of Asian trading, Curve's (CRYPTO: CRV) token experienced a 30% drop, spurred by the automatic liquidation of some loan positions linked to the protocol's founder, Michael Egorov. What Happened: This liquidation triggered a wave of selling activity, significantly impacting the token's market value, Coindesk reported.
The latest price moves in bitcoin (BTC) and crypto markets in context for June 13, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.
As of last night, Egorov was using $141 million worth of CRV tokens to secure a $95.7 million stablecoin loan.
Decentralized finance lending platform Curve Finance is on the rocks this morning as its founder is getting liquidating amid a token price crash.
The price of Curve DAO token (CRV) plummeted by nearly 30% as Curve Finance founder Michael Egorov faced liquidation on his on-chain loan positions
In an unprecedented turn of events, the Curve DAO (CRV) price recently crashed almost 30%, setting off bearish waves across the crypto industry. The token plummeted from a soaring $0.35 price level to a slumping low of $0.27 as massive liquidations triggered a domino of bearish events.
Michael Egorov, founder of Curve Finance, faced liquidation earlier today after the CRV token plummeted to an all-time low of $0.219. $27 million liquidated On-chain analyst EmberCN reported that Egorov's lending positions were largely liquidated, totaling around 100 million CRV, valued at $27 million.
Addresses tied to Curve founder Michael Egorov are borrowing nearly $100 million in various stablecoins against $140 million in curve tokens.
For now, the exact reasons behind the whale's actions can not be placed. However, speculations are that it could be a fire sale triggered by concerns over Egorov's liquidation and its potential impact on the CRV ecosystem.
Curve Finance's LLAMMA successfully handled liquidation during a hack attempt, but CRV token fell by 28%, sparking concerns in the DeFi community.
The founder of Curve Finance, Michael Egorov, got liquidated on several multi-million dollar positions, causing a 25% drop in the price of CRV.
The price of Curve DAO (CRV) plummeted by up to 35% within a few hours. This sharp decline came after news broke that Michael Egorov, the founder of Curve, might face liquidation.
CRV, the native token of Curve.fi, is one of the biggest losers in the crypto market crash. The token's value plummeted by over 34% after news broke that Curve.fi founder Michael Egorov was being liquidated.
The price of Curve DAO fell nearly 25% in the past 24 hours, which put Curve founder Michael Egorov's loans at risk of liquidation.
Binance completes integrations of Curve (CRV) on Arbitrum One and Optimism networks, enabling deposits and withdrawals.
Binance Labs, Binance's venture capital arm, has made a strategic investment in Zircuit, a Layer 2 network. Zircuit integrates a zero-knowledge rollup with artificial intelligence (AI) to enhance security, aiming to protect users against smart contract vulnerabilities and malicious threats.
Binance enables CRV deposits and withdrawals on Arbitrum One and Optimism.
Bitwala, a blockchain banking service based in Berlin, has entered into a partnership with Curve, a digital wallet provider. The partnership is aimed at integrating Bitwala's services with Curve's digital wallet. Users can add Bitwala to their Curve Wallet and avail a 1% cashback offer on their purchases for 30 days.
After going all-in on altcoins four weeks ago, professional crypto trader Michaël van de Poppe has shaken up his altcoin portfolio, removing some of the cryptocurrencies he considered underperforming to replace them with better alternatives that could offer a better return on investment (ROI).
Given that the market is on a bull run with the Ethereum Spot ETF rumors spiking the bullish spirits, the altcoins are doing well. The Cuve DAO token has become extremely volatile over the weeks, quick recovery, resulting in a bullish CRV price prediction.
The exploiter may not be making any money from the attack.
Binance expands its offerings with new trading pairs and bot services.
The token's price uptick signals a turnaround, but its ability to sustain gains remains uncertain amid market volatility.
