ARB Market Plummets 14%, But New Developments Could Reverse The Trend - The Cryptocurrency Post
Bitcoin

ARB Market Plummets 14%, But New Developments Could Reverse The Trend

2 Mins read

Arbitrum resumes its drive downward along with the broader market downturn investors are experiencing today. According to the latest market data, ARB is down nearly 14% since last week, putting more pressure on the bulls to slow the bearish tide. 

However, there are several developments on the platform that might affect investor perception in the long term. These new deployments might make or break the early half of the month for investors and traders alike. 

Related Reading

Multiple Projects Now Support Arbitrum

Metalend, a blockchain lending company, recently announced its support for Arbitrum on its native platform. This new addition to the Arbitrum circle will further push users to the platform, leveraging Metalend’s already big following. 

With Arbitrum’s growing position in the lending space of crypto, the platform might experience growth in that sector of the market. However, they’re not the only ones to join the fray. 

Blockscout announced its support for Arbitrum One, giving investors and traders access to a whole list of features for them to analyze on-chain data on Arbitrum. Features like in-depth block data, verified smart contracts, and full API access are some of the things Arbitrum users will have access to because of this. 

The platform’s DAppScout feature will also help users filter dApps with low-security scores, improving user experience while giving them the ability to keep their funds safe from malicious actors. 

ARB is currently trading at $0.63. Chart: TradingView

ArbOS 31 ‘Bianca’ To Bring More Devs On-Board

ArbOS 31 is a proposal that would expand Arbitrum’s position within the dev space. If it passes, several key features will be added like Stylus VM which will enable the Arbitrum chain to support more programming languages like Rust and C++. 

To make it simple, Stylus VM will be used by devs to code on their language of expertise rather than switching to Solidity, Arbitrum’s native coding language. This change will make smart contract deployment easier as it makes any smart contract written on the platform be compatible with existing Solidity-based smart contracts. 

The proposal also covers the implementation of Passkeys, a password-less system of identification to protect user data and funds, and the Nova Fee Router which will make the collection of fees on the Arbitrum DAO more efficient. 

Arbitrum has also announced that voting for the proposal is now live. 

A Long Time Recovery For ARB?

The market’s bearishness might continue until middle of August, which poses an important question to ARB bulls: whether to attempt slowing the bears down now or attempt at a later date.

Related Reading

ARB’s current position will further endanger any potential of near future gains for investors and traders. With the market environment favoring the bears in the short to medium-term, more pain will be felt by investors and traders. 

Investors should then wait for the perfect opportunity, watching the movement of the broader market before making a decision. 

Featured image from Wired, chart from TradingView



Source link

Related posts
Bitcoin

FARTCOIN Hits ATH And Flips GOAT: Truth Terminal’s Meme Coin Nears $1 Billion Market Cap

2 Mins read
As crazy as it sounds, Fartcoin is approaching the $1 billion market cap. This meme coin, inspired by Truth Terminal, is following…
Bitcoin

Bitcoin Bull Run Continues As Sharks & Whales See 10% Jump

2 Mins read
On-chain data shows that big-money investors have been pouring into Bitcoin as large wallets have seen sharp growth in the past month…
Bitcoin

MicroStrategy Raises Stakes, Acquires $1.5 Billion In Bitcoin Amid Positive Market Outlook

2 Mins read
Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *