Affected by the expectation that the Federal Reserve will slow down interest rate cuts next year, the cryptocurrency market faced a sharp decline today, with Bitcoin dropping below 99,000 USD around 10 AM, hitting a low of 98,802 USD.
According to Coinglass data, within one hour after 10:45 AM today, the total liquidation amount in the cryptocurrency market reached 197 million USD, of which long positions amounted to 189 million USD and short positions totaled 8.04 million USD.
Curve founder was liquidated.
In addition, according to monitoring by PeckShieldAlert, Curve Finance founder Michael Egorov's 918,830 CRV position on Ethereum was liquidated, worth approximately 882,000 USD.
Ethereum Gas once surged to 33 Gwei.
Perhaps in an effort to escape, on-chain transaction fees also soared in a short period. According to Etherscan data, the Ethereum mainnet Gas fee once reached 33 Gwei, and executing a Swap operation required 45 USD.
However, with the Bank of Japan announcing that it will maintain interest rates, the short-term crisis of yen arbitrage has eased, and the price of Bitcoin has risen to 101,000 USD, while on-chain transaction fees have also dropped back to the level of 10-12 Gwei.
