Excitable speculators mistakenly rushed to invest in the native token of decentralized finance protocol Curve Finance (CRV) after reports emerged that payments giant PayPal has acquired the unrelated Israel-based crypto custody firm, Curv.
News of PayPal’s Curv acquisition was reported on March 2, with the publications citing anonymous sources “familiar with the matter.” Israel-based media has reported the company may have been sold for between $200 million and $300 million.
Within an hour of the news breaking, Curve’s CRV token had rallied by more than 10% as opportunistic traders raced each other to enter the markets — pushing prices up from roughly $2.30 to $2.60.
The official Twitter account of Curve has also been mistakenly tagged in numerous posts celebrating PayPal’s acquisition, to which Curve has responded in a bid to dispel the confusion:
The correct account for that is @curvmpc, not us
— Curve Finance (@CurveFinance) March 2, 2021
CRV quickly reversed the rally to give back all of its gains as traders realized their mistake. The resulting red candlestick was CRV’s largest hourly candlestick by trade volume since Jan. 21.
However, allTitle: DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv
Sourced From: cointelegraph.com/news/defi-token-crv-spikes-after-reports-paypal-acquired-unrelated-custody-firm-curv
Published Date: Wed, 03 Mar 2021 02:49:34 +0000