Impact of Bitcoin's Decline on Ethereum and Curve Finance

Following recent decisions by the US Consumer Price Index (CPI) and Federal Reserve (FED), the cryptocurrency sphere witnessed a downward trend. The depreciating value of Bitcoin (BTC) had a cascading effect on Ethereum (ETH) and Curve Finance (CRV) in the market.

CRV Liquidation Concerns

As per acquired data, there is a looming liquidation risk of $140 million for this altcoin, primarily attributed to a significant $141 million transaction by Michael Egorov across five diverse protocols. The popular CRV coin recently experienced a price slump, triggering liquidations that intensified the selling pressure and perpetuated the bearish trend.

In the last day, the altcoin recorded a sharp decline of about 24%, settling at $0.27. The most substantial drops occurred on June 10 and 11, totaling a decline of over 16%. During this period, the price dwindled from around $0.41 to approximately $0.35, with a brief 2.74% surge on June 11 propelling the value to about $0.36.

CRV Exchange Movements

This recent downtrend marked the most significant drop for the altcoin in over a year, fueling apprehension among investors in the market. An essential barometer for CRV is the transfer of tokens from private wallets to exchanges, indicating increased activities related to selling.

Fresh data reveals a notable surge in exchange reserves within the past 24 hours, surpassing 627 million. This surge represents a remarkable peak in CRV exchange reserves, signifying a surge in asset liquidations by shareholders and potentially exacerbating the downward spiral.

This article was initially posted on COINTURK NEWS: Bitcoin’s Decline Affects Ethereum and Curve Finance.