Crypto
ARB Price Plummets 10%, Tests Key Support Level at USD 0.20
The price of Arbitrum's token, ARB, fell nearly 10% in the past day, testing support at USD 0.20.
This decline came with a significant increase in trading volume, equivalent to about 26% of ARB's market value.
Despite the heavy selling pressure, no single event has been identified as the cause of the sell-off.
The wider cryptocurrency market also weakened, with Bitcoin falling to USD 83,000 and the total crypto market value down 2.12%.
ARB's decline followed a similar direction as the broader market, but at a much larger magnitude.