Bitcoin, the largest cryptocurrency by market capitalization, declined nearly 6%, dropping below the $65,000 level for the first time in nearly ten days. The asset’s price drop ushered massive liquidation in derivatives markets.
Arbitrum, an Ethereum scaling token unlocked 1.1 billion tokens in line with its schedule on Saturday. Post the unlock, there was an increase in inflow of ARB tokens to exchanges, investors that received Arbitrum token airdrops, lined up to shed their holdings and realize gains.
The largest Ethereum scaling token Polygon’s native asset MATIC suffered a correction in its price despite the bullish on-chain metrics. MATIC price could plummet below crucial support at $1 if the correction ensues.
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