- The interest rate hike resulted in a very bearish week for the crypto market.
- The ARB token was launched this week, but things did not go as planned.
- ARB is currently trading hands at $1.24 after a 15.11% drop in price.
The Federal Reserve’s announcement about the interest rate hike resulted in a very bearish week for most of the cryptos in the market. On the other hand, there was some excitement around one crypto in particular.
ARB / Tether US 1D (Source: CoinMarketCap)
The launch of the ARB token was a big deal for Arbitrum this week as it allows holders to vote on changes to the Ethereum layer 2 networks. The token was launched on March 23. Unfortunately, things did not go exactly as planned for the project as holders rushed to sell their tokens after the launch of the token.
Naturally, this had a very negative effect on the token’s performance over the last week. CoinMarketCap indicates that ARB is currently trading hands at $1.24 after a 15.11% drop in price over the last 24 hours. The crypto also reached a high of $1.56 and a low of $1,19 over the same time period.
In addition to this, ARB weakened against Bitcoin (BTC) and Ethereum (ETH) by about 13.16% and 12.25% respectively over the last day. Looking at the altcoin’s weekly performance, it is evident that the crypto has a lot of work ahead of it to recover from its dramatic launch. At the moment, ARB is down by more than 89% over the last week.
ARB’s 24-hour trading volume is currently in the red zone and now stands at $2,302,104,276 after a more than 23% decrease since yesterday. With its market cap of $1,582,116,788, ARB is currently ranked as the 37th biggest crypto in terms of market capitalization.
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