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Home » Market Updates » Bitcoin Rejected at $29K, Arbitrum’s ARB Dumps 20% Daily: Weekend Watch

Bitcoin Rejected at $29K, Arbitrum’s ARB Dumps 20% Daily: Weekend Watch

Author: Jordan Lyanchev

Last Updated Mar 26, 2023 @ 08:48

The recently-launched ARB token, as well as STX, are today’s poorest performers.

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Bitcoin jumped above $29,000 yesterday to chart a new nine-month high, but that was short-lived and the asset retraced hard in the following hours.

Most altcoins are deep in the red as well, with SOL, APT, LDO, OKB, and others dropping by over 5%.

Bitcoin Fails at $29K

The primary cryptocurrency’s climb had culminated at jumping to $28,800 mid-week ahead of the Federal Reserve’s decision on whether to continue to increase the interest rates. As many local banks struggled due to the high rates, many experts believed the Fed would finally revert from its policy.

However, that was not the case. The second yearly FOMC meeting copied the first, and the central bank raised the key rates by 25 basis points. Risk-on assets, such as bitcoin, went on a downfall.

The cryptocurrency fell hard by over $2,000 in hours to just over $26,500. Nevertheless, it bounced off and jumped to over $28,000 by Friday. It kept climbing and even briefly spiked above $29,000 (on Bitstamp) for the first time since June last year.

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However, it failed there, and the subsequent rejection pushed it south hard. As of now, BTC struggles below $27,500, while its market cap is back down to $530 billion. Its market dominance has increased slightly and stands at just over 46%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ARB Dumps 20%

Aside from the FOMC meeting, all eyes in the crypto community in the past week were on the long-anticipated Arbitrum airdrop. The token finally launched on Thursday with lots of volatility before it calmed on Friday at around $1.5. However, ARB has plummeted by over 20% in the past 24 hours, currently sitting at $1.2.

Stacks is another massive loser on a daily scale, having dropped by 14% and trading beneath $1. More losses are evident from APT, LDO, OKB, FIL, and SOL – all of which are down by more than 6%.

The larger-cap alts are in the red as well, albeit in a more modest fashion. Ethereum stands at $1,750 after a 2.5% daily retracement. Ripple is among the few exceptions with notable gains, having jumped by 4%.

Overall, the total crypto market cap is down by around $20 billion in a day to $1.150 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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