Bitcoin Holds $67K as CRV Plunges 30% Amidst Liquidations

Bitcoin held above $67,000 despite the Fed's hawkish interest rate projections. CRV, the token of Curve Finance, plummeted 30% due to forced liquidations of loan positions supposedly tied to its founder, Michael Egorov. Egorov had taken out loans worth nearly $100 million in stablecoins using CRV as collateral. The liquidations resulted in a surge of CRV being deposited on centralized exchanges, indicating a potential sell-off. Paxos, a stablecoin issuer, laid off 20% of its staff, citing a shift towards tokenization and stablecoins. Paxos plans to discontinue its settlement services in commodities and securities.