Affected by the Fed's expectation of a slower pace of rate cuts next year, the cryptocurrency market suffered a major setback today, with Bitcoin falling below $99,000 around 10 a.m. to a low of $98,802.
According to Coinglass data, in the 1 hour after 10:45 a.m. this morning, the total contract liquidation amount in the cryptocurrency market reached $197 million, of which $189 million was long position liquidation and $8.04 million was short position liquidation.
Curve founder liquidated
In addition, according to PeckShieldAlert monitoring, Curve Finance founder Michael Egorov's position of 918,830 CRV on Ethereum was liquidated, worth about $882,000.
Ethereum Gas briefly spiked to 33 Gwei
Perhaps in an attempt to flee, on-chain transaction fees also surged in a short period of time. According to Etherscan data, Ethereum mainnet Gas fees briefly reached 33 Gwei, requiring $45 to execute a Swap operation.
However, as the Bank of Japan announced that it would maintain its interest rate unchanged, the short-term Yen carry trade liquidation crisis was alleviated, and the price of Bitcoin rebounded to $101,000, with on-chain transaction fees also falling back to the 10-12 Gwei level.
Further reading: Breaking News》Bank of Japan maintains 0.25% interest rate, Bitcoin returns to $100,000
