Bitcoin and Ether prices experienced a drop on Monday morning in Asia, but managed to stay above the support levels of US$29,000 and US$1,800 respectively. The decline was linked to news of a hack at DeFi exchange Curve Finance, which resulted in an estimated loss of US$41 million worth of cryptocurrencies.

Most other top 10 non-stablecoin cryptocurrencies also saw losses, with Tron's TRX token being the biggest loser. Meanwhile, analysts predict that the Federal Reserve will pause interest rate hikes due to improved economic resilience and easing inflationary pressures.