On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed.

Wild Volatility for ARB Token: Prices Range from $1.10 to $11.80 per Unit Following Airdrop

At block height 16,890,400, around 9 a.m. ET, the Arbitrum airdrop claiming process began and distribution of 11.6% of the supply started. The day before, Bitcoin.com News reported on exchanges listing IOU ARB markets just before the real ARB token launched on Thursday. At that time, ARB’s value in U.S. dollars was more than 85% higher. At the time of writing, a single ARB was trading for $1.25 per unit. The ARB token has seen wild volatility over the last 12 hours with prices ranging from $1.10 to $11.80 per ARB.

ARB’s price has been down despite bitcoin nearing $29,000 and ethereum rising to $1,855 per unit. ARB trade volume is much higher than the ARB IOU volumes recorded yesterday at $8.7 million. In the past 24 hours, roughly $849.81 million in ARB volume has been recorded. The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.

With 1.275 billion ARB in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and more than 40% of the airdropped ARB has been received by recipients. At $1.25 per unit, ARB’s overall market valuation was $1.6 billion on Thursday afternoon at noon ET.

What do you think about the Arbitrum airdrop and its impact on the crypto market? Share your thoughts in the comments section below.

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Bitcoin moved below $28,000 on Thursday, as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted to increase rates by 25 basis points (bps) as many had anticipated, and signal one more hike this year. Ethereum was also lower on the news, falling below $1,800.

Bitcoin

Bitcoin (BTC) dropped below $28,000 on Thursday, as markets continued to react to the latest Federal Reserve rate hike.

The Fed moved to increase rates by 25 basis points, whilst signaling that no cuts will be made this year.

BTC/USD fell to an intraday low of $26,760.00 on the news, which comes a day after trading at a peak of $28,803.34.

From the chart, the decline appears to have come as a result of the relative strength index (RSI) failing to break out of a ceiling at 72.00.

As of writing, the index is tracking at 66.54, with the next visible point of support at the 62.00 mark.

Overall, prices are still relatively overbought, which could lead to further bears reentering the market in the coming days.

Ethereum

In addition to BTC, ethereum (ETH) was also back in the red on Thursday, with prices moving below $1,800.

Following a high of $1,821.46 on Wednesday, ETH/USD declined to a low of $1,717.77 earlier in today’s session.

As a result of the slippage, ethereum neared a recent point of support at the $1,715 mark, however bulls have so far rejected a breakout.

Looking at the chart, the 10-day (red) moving average remained in an upward trend, which could be a sign of future bullish momentum.

Price strength is currently tracking at 58.02, which is marginally above a floor at 57.00, resulting in ETH jumping from earlier lows.

At the time of writing, ethereum is tracking at $1,756.34.

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Do you expect ethereum to move back above $1,800 this week? Leave your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.