Crypto stocks dip after bitcoin slumps to six-week low

Shares of cryptocurrency and blockchain related companies fell in premarket trading on Tuesday, as bitcoin hit a six-week low following a hack at Curve Finance, a platform where users can borrow and trade in crypto.

Bitcoin, the world's biggest cryptocurrency, fell about 2% to $28,870.

Curve Finance was the victim of a hack, the company posted on messaging platform X, formerly known as Twitter, on Sunday. Losses are estimated to be over $40 million, according to media reports.


Crypto exchange Coinbase's stock fell 3.1% and blockchain-farm operator Bitfarms shares dropped 1.1%, in premarket trading.

Crypto miners including Riot Platforms, Marathon Digital and US-listed shares of Canada's Hut 8 Mining declined between 3% and 3.35%.

The crypto industry is at a crucial juncture, with two of the biggest industry players - Binance and Coinbase - under fire from the US Securities and Exchange Commission.

Rate hikes by the US Federal Reserve have also added pressure to risky assets such as crypto.