Bitcoin Rejected to $29K, Arbitrum’s ARB Dumps 20% Daily: Weekend Watch
Bitcoin jumped above $29,000 yesterday to chart a new nine-month high, but that was short-lived and the asset retreated hard in the following hours.
Most altcoins are also deep in the red, with SOL, APT, LDO, OKB and others falling by over 5%.
Bitcoin Fails to $29K
The primary cryptocurrency’s rally had culminated in a jump to $28,800 mid-week ahead of the Federal Reserve’s decision to continue raising interest rates. As many local banks struggled due to the high interest rates, many experts believed that the Fed would finally back away from its policy.
However, that was not the case. The second annual FOMC meeting copied the first, and the central bank raised key interest rates by 25 basis points. Risk-on assets, such as bitcoin, went down.
The cryptocurrency fell hard by over $2,000 in hours to just over $26,500. Still, it bounced off and jumped to over $28,000 by Friday. It continued to climb and even briefly rose above $29,000 (on Bitstamp) for the first time since last June.
However, it failed there and the subsequent rejection pushed it south hard. As of now, BTC is struggling below $27,500, while its market cap is back to $530 billion. Market dominance has increased slightly and stands at just over 46%.
ARB dumps 20%
Aside from the FOMC meeting, all eyes in the crypto community this past week were on the long-awaited Arbitrum airdrop. The token finally launched on Thursday with a lot of volatility before settling on Friday at around $1.5. However, ARB has fallen over 20% in the last 24 hours and is currently at $1.2.
Stacks is another massive loser on the daily scale, falling 14% and trading below $1. More losses are evident from APT, LDO, OKB, FIL and SOL – all of which are down by more than 6%.
The altos with larger caps are also in red, albeit in a more modest way. Ethereum stands at $1,750 after a 2.5% daily retracement. Ripple is among the few exceptions with notable gains, jumping 4%.
Overall, the total crypto market capitalization is down about $20 billion in a day to $1.150 trillion.
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