Bitcoin experienced a sudden spike around 10 AM today, reaching $98,802, with a total liquidation amount of $197 million across the entire network in just one hour. At the same time, Curve founder Michael Egorov faced liquidation of his CRV position worth approximately $882,000. (Background: $1 billion! Curve collaborates with Elixir to introduce BlackRock's tokenized U.S. Treasury fund BUIDL, $CRV increased by 9.53% in the last 24 hours) (Context: Double whammy for stocks and crypto! The Federal Reserve is expected to only cut rates by 2 basis points next year, Tesla plummets 8%, and U.S. stocks crash) Due to the anticipated slowdown in rate cuts by the Federal Reserve next year, the cryptocurrency market faced a severe setback today, with Bitcoin dropping below $99,000 around 10 AM, hitting a low of $98,802. According to Coinglass data, within one hour after 10:45 AM, the total liquidation amount in the cryptocurrency market reached $197 million, with long positions liquidated amounting to $189 million and short positions liquidated at $8.04 million. Curve founder liquidated Additionally, according to PeckShieldAlert monitoring, Curve Finance founder Michael Egorov had 918.83K CRV on Ethereum liquidated, worth approximately $882,000. #PeckShieldAlert #Liquidation Michael Egorov-labeled address (0x7a16…5428) has been liquidated for 918.83K $CRV (totaling $882.66K). pic.twitter.com/ZXehpFZT81 — PeckShieldAlert (@PeckShieldAlert) December 19, 2024 Ethereum Gas once surged to 33 Gwei, possibly as a means of escape, with on-chain transaction fees skyrocketing in a short time. According to Etherscan data, Ethereum mainnet Gas fees once reached as high as 33 Gwei, with the cost of executing a Swap operation reaching $45. However, as the Bank of Japan announced that it would maintain interest rates, the short-term crisis of yen arbitrage eased, and Bitcoin's price rebounded to $101,000, with on-chain transaction fees also falling back to the level of 10-12 Gwei. Extended reading: (Breaking News) The Bank of Japan maintains interest rates at 0.25%, Bitcoin returns to $100,000 Related reports Curve's new proposal: to allocate "10% yield" from crvUSD stablecoin to scrvUSD holders Curve proposal to remove TUSD: SEC fraud risk, why did the former Binance darling collapse so quickly? CRV's plummet conspiracy? A million tokens locked for a day were dumped, Curve founder urgently clarifies 'Bitcoin's big spike') Curve founder CRV was liquidated, Ethereum Gas fees soared' this article was first published on BlockTempo (the most influential blockchain news media).

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