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After the US CPI decision and FED statements, the cryptocurrency markets experienced a downward trend. Bitcoin (BTC)‘s decline also impacted Ethereum (ETH). The decline extended to Curve Finance (CRV) as well.
Liquidations in CRV
According to obtained data, the altcoin could face a liquidation risk worth 140 million dollars. The liquidation risk is attributed to Michael Egorov’s 141 million dollar move across five different protocols. Recently, the popular altcoin CRV experienced a price drop, leading to liquidations that added further pressure on the price, increasing the downward trend.
In the last 24 hours, the altcoin dropped by approximately 24% to trade at 0.27 dollars. The decline in the cryptocurrency was particularly intense on June 10 and 11, with a total drop of over 16%. Additionally, the token’s price fell from around 0.41 dollars to approximately 0.35 dollars within these two days. A 2.74% increase on June 11 temporarily raised the price to around 0.36 dollars.
Exchange Transfers in CRV
The downward trend the altcoin faced was the highest in over a year. Additionally, the decline caused FUD among investors. Another significant metric for the altcoin is the transfer of tokens accumulated in private wallets to exchanges. This generally indicates that investors are transferring for sale transactions.
According to obtained data, exchange reserves showed a significant increase in the last 24 hours. The data indicates that exchange reserves increased significantly, reaching over 627 million at the time of writing. Moreover, this was the highest recorded CRV exchange reserve level, marking an all-time high. This movement showed that most shareholders were liquidating their assets, which could further drive the price down.
