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

Christian Encila

1 year ago

3 mins read

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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.

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.

MetaLend is excited to announce that we have launched support for @arbitrum!

You can now go to https://t.co/xnBCsmSwdo to track and trade (leveraging DEX aggregators) your @arbitrum portfolio.

You can track multiple wallets in one view and soon you will be able to submit limit…

— MetaLend – Manage All Your Wallets in One Place! (@MetaLend_DeFi) July 30, 2024

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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