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CRV Dumps 50% In 1 Year: Founder’s Forced Liquidations A Pain For Holders

CRV, the native token of Curve, a stablecoin decentralized exchange (DEX), is under immense selling pressure. After the hack of July 2023, CRV has never been the same again. However, the painful liquidations of Michael Erogov’s loans have worsened the situation for holders. Curve Founder Forced To Sell $677,000 Of CRV, Token Falling After the forced liquidation in mid-June, which pushed prices below $0.30, data showed that the founder was also forced to sell CRV in the market to repay part of his loan. Yesterday, on July 25, Lookonchain data showed that Erogov was liquidated for $677,000 worth of CRV. Currently, CRV continues to print, discouraging lower lows. Even though the dump has not been as rapid as in June, the token is weak and could plunge below crucial support levels. For now, this level is at the double bottom at $0.21. On the upper end, resistance lies at $0.30. Interestingly, this resistance level served as support in June when prices slammed through the floor, accelerated by Erogov’s loans being liquidated. Then, due to the amount in the picture, there was fear across the crypto board that the founder’s loans would further destabilize the protocol, negatively impacting CRV holders. On-chain data shows that Erogov had borrowed roughly $100 million in stablecoins using $140 million in CRV as collateral. Some claim the founder bought prime real estate with this loan. Related Reading: Solana Set For 900% Rally With Breakout From This Pattern — Analyst However, what’s known is that the series of forced liquidations and the scramble by the founder to offload CRV, which allowed him to be liquidated after the hack, forced prices even lower. Hopes On Spot Ethereum ETFs And Community Initiatives Since the hack on July 30, CRV has cratered by over 50%. Holders are facing it rough now that crypto prices are also sliding, retracing from their March 2024 peaks. Selling pressure has since eased after most of the CRV collateral posted by Erogov was reclaimed by lending protocols—including Frax and Aave. However, the token is still struggling for momentum. This weakness is a concern, especially considering the positive developments this week. As an Ethereum-based DEX, the approval and trading of spot Ethereum ETFs would benefit the protocol in the long run. Beyond the derivative product opening up institutions to Ethereum, Curve is also growing in strength. Recently, the community okayed a proposal to further boost CRV liquidity by bridging the gap between Solana and Ethereum via USDT. Related Reading: Wall Street Expert Sees 20x Potential In Ripple Via XRP And IPO Through this initiative floated by Picasso Network, a pool of USDT on Solana and USDT on Ethereum was launched. The goal is to encourage cross-chain activity and provide even more incentives for liquidity providers. Feature image from Canva, chart from TradingView

What’s Happening In Crypto Today? Daily Crypto News Digest

In crypto news today: Why is crypto down today? ETH ETFs See $107M in Net Flows on First Day of Trading OKX Unveils Explorer for Interoperable 'Chain of Chain' Analytics Nym Taps Top Tech Talent from NordVPN, Shiva VPN, and More The post What’s Happening In Crypto Today? Daily Crypto News Digest appeared first on Cryptonews .

Ethereum-Based CRV Set for Major Surge as Analyst Predicts 24% Gain: Credible Crypto

The cryptocurrency landscape is ever-evolving, presenting numerous opportunities and risks. Current analysis suggests that certain Ethereum-based altcoins may be set for substantial gains. An influential cryptocurrency analyst recently highlighted CurveDAO (CRV) as a potential breakout candidate. Discover the latest insights on CurveDAO (CRV) and Bitcoin (BTC), exploring their potential movements in the volatile crypto market.

Trader Says Ethereum-Based Altcoin Primed To Surge by Double Digits, Updates Outlook on Bitcoin and dogwifhat

A widely followed cryptocurrency analyst and trader says that one Ethereum (ETH)-based altcoin could be gearing up for a double-digit bounce. The analyst pseudonymously known as Credible Crypto tells his 403,900 followers on the social media platform X that CRV, the native token of stablecoin lending platform CurveDAO, could soar to $0.37, a more than The post Trader Says Ethereum-Based Altcoin Primed To Surge by Double Digits, Updates Outlook on Bitcoin and dogwifhat appeared first on The Daily Hodl .

Pendle Launches New Pools On Arbitrum Network

Pendle has introduced new pools on the Arbitrum network to attract liquidity providers (LPs). The new setup targets holders of UNI, LINK, ETH, WBTC, CRV, CVX, USDT, and USDC. Paging all holders of $UNI, $LINK, $ETH, $WBTC, $CRV, $CVX, $USDT, $USDC… or any assets really You can now zap in with any of your favourite

Pendle Implements New Arbitrum Pools to Recover TVL After 40% Decline

Pendle, a prominent yield trading protocol, is actively addressing a significant 40% drop in its total value locked (TVL). They aim to mitigate this decline by launching new liquidity pools on the Arbitrum network, targeting holders of tokens like UNI, LINK, ETH, WBTC, CRV, CVX, USDT, and USDC. The aim is to incentivize liquidity providers

The Graph price prediction 2024-2030: Will GRT reach $10?

Key takeaways: The Graph offers access to competitive and cost-efficient decentralized data sets. The network boasts a 99.99% uptime and 24/7 availability. Central to The Graph’s operations are subgraphs, APIs that organize and serve blockchain data to data consumers and developers. The Graph has over 100 indexer nodes, 1.23 trillion served queries, and over 70,000

Weekend Wrap: Bitcoiners troll German govt, CoinStats blames Lazarus and more

Bitcoiners sent crude messages to the German government by way of small donations; CoinStats says North Korea’s Lazarus Group may be behind the recent $2.2 million exploit and more.

Coinbase Adds CRV, ENS, and PEOPLE to Futures Trading on International Exchange

The cryptocurrency market continues to fluctuate while exchanges expand their listings. Leading crypto exchange Coinbase announces the addition of three new altcoins to its futures market. Coinbase will list CRV, ENS, and PEOPLE on its global futures platform, offering more options to traders and investors. Discover how Coinbase’s latest altcoin additions to its futures market

Coinbase Announces Decisions on Three Cryptocurrencies

Coinbase announced perpetual futures for CRV, ENS, and PEOPLE. The expected impact on these altcoins did not materialize. Continue Reading: Coinbase Announces Decisions on Three Cryptocurrencies

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