Affected by the expectation that the Federal Reserve will slow down interest rate cuts next year, the cryptocurrency market experienced a heavy setback today, with Bitcoin dropping below 99,000 dollars around 10 AM, hitting a low of 98,802 dollars.
According to Coinglass data, within one hour after 10:45 AM today, the total liquidation amount in the cryptocurrency market reached 197 million dollars, with long positions liquidating 189 million dollars and short positions liquidating 8.04 million dollars.
Curve founder was liquidated.
Additionally, according to PeckShieldAlert monitoring, Curve Finance founder Michael Egorov's position of 918,830 CRV on Ethereum was liquidated, worth approximately 882,000 dollars.
Ethereum Gas once surged to 33 Gwei.
Perhaps to escape, on-chain transaction fees also surged in a short time. According to Etherscan data, Ethereum mainnet Gas fees once reached 33 Gwei, and executing a Swap operation cost 45 dollars.
However, with the Bank of Japan announcing to maintain interest rates, the short-term yen arbitrage liquidation crisis eased, Bitcoin's price rebounded to 101,000 dollars, and on-chain transaction fees also fell back to the level of 10-12 Gwei.
