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. Layer 1 chains with over a million daily active users likely to see gains in coming weeks
Layer 1 chains with a large volume of Daily Active Users are likely to see gains in the ongoing cycle as the narrative gathers steam among market participants. A high number of DAU means there is more growth and potential for revenue generation in the Layer 1 chain. Bitcoin price decline below $65,000 liquidates over $125 million in long positions in 24 hours
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 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.
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