During the week, Binance exchange announced investments in some altcoins in partnership with Coinbase. One of these investments was made in CRV Token, which recently suffered a cyber attack. So, what are the latest developments regarding the attack? How high can the CRV Token price target?
Curve Finance (CRV) News
Following the attack on July 30th, Curve Finance lost $62 million from its liquidity pools. However, on Saturday, it was announced that 70% of the stolen funds have been recovered. The decentralized finance (DeFi) protocol promised to reimburse affected users. Curve also stated that it is assessing the losses incurred by each user in order to determine how to properly redistribute its assets. The DeFi protocol also mentioned that it is actively researching how to recover the remaining stolen funds.
As a result of the attack, crypto data collector Kaiko reported that the incident negatively affected the trust in Curve’s stETH-ETH pool. The pool continued to experience significant outflows, reducing liquidity for the largest liquid staking token.
CRV Token Price Analysis
The total value of locked assets in Curve started to rise after experiencing a significant drop following the incident. DeFillama data reports that the total locked value in the protocol increased by 2% last week, reaching $2.41 billion. Moreover, as mentioned in the introduction, Binance announced concrete support for the protocol a few days ago after making a multimillion-dollar investment. It is normal to see renewed confidence after such an investment.
The price of Bitcoin continues to trade in a narrow range, leading to declining volumes. In order for CRV Token bulls to differentiate themselves positively during this process, more demand is needed. The price, which dropped to $0.48 (on the Binance exchange) on the day of the hack, quickly recovered from there.
As seen in the chart, the price continues to trade in a narrow range and is now prone to breaking downwards again. If the support at $0.55 is lost, we may see the CRV Token drop to $0.5.
On the other hand, if the $0.618 level is surpassed, the price could target $0.646 and $0.739 again. The rise following the Binance news was suppressed by active sellers, indicating a bearish trend for the CRV price.
