Decentral Block Post

The official Arbitrum airdrop page crashed right after the claiming process began around 9 a.m. EST. Some users still managed to claim it through alternative methods like Arbiscan. In the first two hours, the market witnessed a massive sell-off of the token as its price declined from over $10.29 to lows of $1.

At ByBit, the token started trading for $7.50, but dropped to $1.50 within minutes. At the time of writing, the token was trading at $1.33.

Only one address successfully sold the token at $10.29 through the ARB/USDC pool on Uniswap, bagging $64,340 for 6,250 tokens. A few others were able to sell for $4.50, however, the price dropped quickly below $1.50 as more sellers arrived. 

Nansen data shows that out of 6.03 million ARB claimed by “smart money” wallets, $5.01 million were moved to a centralized or a decentralized exchange, most likely to sell. The analytics firm puts “smart money” tags on addresses that trade in significant size and are usually active.

While some smart money accounts added 3.45 million from DEXs. Overall, the amount moved to exchanges was 150% larger than inflows to the wallets, suggesting a massive sell-off.

The official Arbitrum airdrop page crashed right after the claiming process began around 9 a.m. EST. Some users still managed to claim it through alternative methods like Arbiscan. In the first two hours, the market witnessed a massive sell-off of the token as its price declined from over $10.29 to lows of $1.

At ByBit, the token started trading for $7.50, but dropped to $1.50 within minutes. At the time of writing, the token was trading at $1.33.

Only one address successfully sold the token at $10.29 through the ARB/USDC pool on Uniswap, bagging $64,340 for 6,250 tokens. A few others were able to sell for $4.50, however, the price dropped quickly below $1.50 as more sellers arrived. 

Nansen data shows that out of 6.03 million ARB claimed by “smart money” wallets, $5.01 million were moved to a centralized or a decentralized exchange, most likely to sell. The analytics firm puts “smart money” tags on addresses that trade in significant size and are usually active.

While some smart money accounts added 3.45 million from DEXs. Overall, the amount moved to exchanges was 150% larger than inflows to the wallets, suggesting a massive sell-off.

Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown.

Bitcoin shrugs off Coinbase, Do Kwon arrest

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp.

The pair kept the volatility coming as the dust settled on the prior day’s interest rate decision and associated commentary from the Federal Reserve.

Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top.

“Make sure to remember the panic and calls for lower next time you get a dip during a HTF uptrend,” popular trader Crypto Chase wrote in part of Twitter analysis.