Bitcoin Slides More Than 5% As Crypto Selloff Resumes
Topline
The price of Bitcoin fell more than 5% in early trading on Monday, as the world’s most valuable cryptocurrency led a selloff in digital tokens, reversing the recovery it mounted last week after its worst month since the 2021 crypto crash.
Key Facts
Early on Monday, Bitcoin’s price briefly dropped below $86,000, before recovering to $86,756—down 5.05% in the past 24 hours.
Ether, the world’s second most valuable cryptocurrency by market cap, fell 5.56% to $2,840, while other major tokens like XRP, Binance’s BNB and Solana’s Sol slumped 5.6%, 6.6% and 6.1% respectively.
Monday’s selloff pushed the global cryptocurrency market cap below $3 trillion once again, down from a peak of nearly $4.3 trillion in October.
Monday’s slump is a reversal of last week’s crypto market recovery, and Bloomberg reported that traders expect Bitcoin’s drop could drop as low as $80,000 before the slide is arrested.
What Do We Know About The Yearn Finance Hack?
CoinDesk reported Monday’s selloff was accelerated after the crypto investment platform Yearn Finance reported a hack. The company announced that hackers successfully drained $9 million in yETH tokens. In a follow-up statement, the company said it has set up a “war room" with its audit partners and “a full postmortem investigation is underway.”
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