
Morning Minute: DeFi's Future in Question After $292M KelpDAO Exploit
KelpDAO's $292M exploit triggers a massive bank run on Aave, with $9B exiting DeFi in a day.

Bitcoin is trading just below $75,000 after a recent spike to $78,300. Traders are monitoring a CME gap and the impact of a DeFi hack fallout.
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The crypto market is trading back in familiar territory following a short-lived spike to its highest point since early February on Friday.
Bitcoin BTC$75,119.53 is trading a hair under $75,000 while ether (ETH) is at $2,300, both significantly lower than Friday's highs of $78,300 and $2,460.
One reason for traders to be bullish is that the bitcoin futures market on the CME, a venue favored by institutions, closed at $77,540 on Friday and opened at $74,600 to create "CME gap" that spans 3.8% to the upside. A similar gap occurred last week and was filled before the end of the day on Monday.
The first steps have been taken: Bitcoin's gained 1.5% since midnight UTC, suggesting sentiment is warming following a volatile weekend.
The market tumbled over the weekend as shipping through the Strait of Hormuz came to a halt after opening on Friday. The renewed closure led to a jump in the price of crude oil from $78 to $88 per barrel.
This weighed on risk assets, with Nasdaq 100 and S&P 500 futures both down by 0.59% since midnight.
Bitcoin's drop from $78,300 is attributed to market volatility and external factors, including a halt in shipping through the Strait of Hormuz.
The CME gap, which spans 3.8% to the upside, is significant as it indicates potential bullish sentiment among traders, often leading to price corrections.
The DeFi hack fallout has contributed to market instability, further influencing traders' sentiment and Bitcoin's price movements.

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