Arbitrum (ARB) Rockets by 42% Daily, Bitcoin (BTC) Fights for $80K: Weekend Watch
As with most previous weekends, this one is also quite sluggish for bitcoin, which continues to fight for $80,000 without making any major moves.
The same cannot be said for some altcoins, though. ZEC, for example, has skyrocketed by 17% daily, while ARB has stolen the show with a massive 42% surge.
BTC Fights for $80K
The primary cryptocurrency closed August (on Monday) in the green for the first time in a bear market, surging by over 25% for the month. This came even after its early Monday retracement from $79,000 to $77,000 as the US and Iran resumed the strikes against each other.
Bitcoin rebounded to $79,000 rather quickly, but it was rejected on Tuesday and driven south to under $76,500 by Wednesday. Thatโs when the bulls returned in full force, initiating a major leg up that drove the asset to $82,400. This became BTCโs highest price tag since mid-May.
However, the strong US jobs report from Friday led to a major decline, as bitcoin slipped by three grand as the odds for the Fed to hike the rates skyrocketed. Nevertheless, BTC managed to rebound from the drop to $78,600 and jumped to around $80,000, where it spent most of the weekend, even though the amount of bearish news that should push it south has risen significantly in the past week.
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