Bitcoin Lingers Near $29.2K as Investors Ponder Latest Industry Woes; CRV Decreases by 12.5%

Bitcoin hovered just above $29,200 Tuesday morning, roughly flat for the past 24 hours but still within the same narrow range it has been stuck in for the past week.

The largest cryptocurrency by market cap fell from a brief peak Monday morning above $29,500 as markets absorbed the industry’s recent hit. A lawsuit has been filed by the US Securities and Exchange Commission against Richard Schueler (known online as Richard Heart) and his projects Hex and PulseChain and PulseX. They also looked at the fallout from an exploit on stablecoin exchange Curve.

Market cap recently showed Bitcoin outperforming Ether (the second largest cryptocurrency by market value) and others The most important altcoins. ETH traded at $1,853 on Sunday, down 0.5% from the same time. Smart contract platform Solana Tron Polygon’s SOL, TRX, and MATIC tokens fell 1.8%, 2.3%, and 2.2%, respectively.

Curve’s native cryptocurrency’s CRV fell 12.5% to trade at 56 cents. CRV was trading above $1 earlier in the year. The Market Index (a measure of how crypto markets are performing) rose slightly recently.

Dave Weisberger of CoinRoutes (an algorithmic trading platform) wrote in an email that altcoins fell after the HEX lawsuit. However, he added that the lawsuit concerns misappropriation of funds and does not indicate structural problems with the broader markets.

Weisberger wrote, “In general we are in the early days (of summer) and in turn are seeing relatively small amounts of Bitcoin along with Ethereum.” He also added that “larger buyers” appeared to be accumulating their holdings in Bitcoin , since the price has recently fallen.

He wrote: “Sentiment is better…” but “…markets appear to be stuck in a holding pattern.”