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Bitcoin Rejected at $29,000, Arbitrum's ARB Dumps Down 20% Daily: Weekend Watch
Bitcoin jumped above $29,000 yesterday to set a new nine-month high, but that was short-lived and the asset fell sharply in the following hours. Most altcoins are also deep in the red, with SOL, APT, LDO, OKB and others down over 5%. Bitcoin Fails at $29,000 The primary cryptocurrency's rise had culminated in a jump to $28,800 in midweek ahead of the Federal Reserve's decision on whether to raise interest rates further. With many local banks struggling due to high interest rates, many experts believed that the Fed would finally...
Bitcoin Rejected at $29,000, Arbitrum's ARB Dumps Down 20% Daily: Weekend Watch
Bitcoin jumped above $29,000 yesterday to set a new nine-month high, but that was short-lived and the asset fell sharply in the following hours.
Most altcoins are also deep in the red, with SOL, APT, LDO, OKB and others down over 5%.
Bitcoin fails at $29,000
The primary cryptocurrency's rise had culminated in a jump to $28,800 in mid-week ahead of the Federal Reserve's decision on whether to further raise interest rates. With many local banks struggling due to high interest rates, many experts believed that the Fed would finally reverse its policy.
However, this was not the case. The second annual FOMC meeting copied the first, and the central bank raised interest rates by 25 basis points. Risky assets like Bitcoin experienced a decline.
The cryptocurrency fell by over $2,000 to just over $26,500 within hours. Still, it bounced back and jumped to over $28,000 by Friday. It continued to rise and even briefly rose above $29,000 (on Bitstamp) for the first time since June last year.
However, it failed there and subsequent rejection pushed it sharply south. So far, BTC is struggling below $27,500 while its market cap has fallen back to $530 billion. Market dominance has increased slightly and stands at just over 46%.
BTCUSD. TradingView
ARB Dumps 20%
Aside from the FOMC meeting, all eyes in the crypto community were on the long-awaited Arbitrum airdrop last week. The token finally started Thursday with a lot of volatility before settling down around $1.5 on Friday. However, ARB has plunged over 20% in the last 24 hours and is currently at $1.2.
Stacks is another massive daily loser after falling 14% to trade below $1. Further losses are seen in APT, LDO, OKB, FIL and SOL, all down by more than 6%.
The larger cap alts are also in the red, albeit in a more modest way. Ethereum stands at $1,750 after a 2.5% daily retracement. Ripple is one of the few exceptions with notable gains, rising 4%.
Overall, the total crypto market capitalization fell by around $20 billion to $1.150 trillion in one day.
Overview of the cryptocurrency market. Quantify crypto