EUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate hike. The greenback was lower across the board, falling versus several G7 currencies, including the British pound.

EUR/USD

On Thursday, the world’s most traded currency pair rose for a sixth straight session, as markets continued to digest yesterday’s rate hike.

The Federal Reserve opted to increase rates by 0.25%, despite recent uncertainty in the banking sector.

Following the announcement, Fed Chair Jerome Powell stated that “FOMC participants don’t see rate cuts this year, it is not our baseline expectations.”

Overall, it appears that lowering inflation remains the priority for the Fed, with the U.S. Treasury exploring ways to guarantee client deposits should any further banks face liquidity issues.

EUR/USD rose to an intraday high of $1.0929 in today’s session, which is its highest rate since February 3.

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Do you expect EUR/USD to move lower in the coming days? Leave your thoughts in the comments below.

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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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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.

According to Montenegro’s interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect.

Terra Co-Founder Reportedly Arrested in Montenegro at Podgorica Airport With False Documents

Terraform Labs co-founder Do Kwon has reportedly been arrested in Montenegro, according to the country’s interior minister Filip Adzic. The Montenegrin official shared two tweets on Thursday just before 9 a.m. Eastern Time.

“In Podgorica, one of the most wanted world fugitives was arrested,” Adzic stated. “Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Terraform Labs based in Singapore,” the interior minister added.

Do Kwon, who was recently sued by the U.S. Securities and Exchange Commission and his firm Terraform Labs, has reportedly been hiding for some time. Some suspected Kwon was hiding in Singapore, while others thought the Terraform Labs CEO was in Dubai. Some reports suggested Kwon was in Serbia. The SEC accuses Kwon and Terraform Labs of committing a multibillion-dollar fraud operation and selling unregistered securities.

“The former ‘king of cryptocurrencies’, who is behind losses greater than 40 billion dollars, was detained at Podgorica airport with forged documents and is sought by South Korea, the United States, and Singapore,” Adzic further explained on Twitter. “We are waiting for official confirmation of identity,” the Montenegrin politician added.

The Montenegrin government and interior minister Filip Adzic have yet to confirm the true identity of the arrested individual. This story is still developing and will be updated with any official confirmations of the identity of the person detained in Montenegro.

What are your thoughts on the recent arrest of Terraform Labs co-founder Do Kwon in Montenegro? Share your opinions in the comments section below.

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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.