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Arbitrum Backtracks on Governance Proposal and Bittrex winds down U.S. Operations

Apr 3, 2023
Market Update After a choppy weekend, $BTC and $ETH are flat on the day, down 0.68% and up 0.06%, respectively. SPX is down 0.02% at the time of writing, and NDQ is down 0.92%. Most altcoins have underperformed BTC and ETH—$SOL is down 1.32%, $OP is down 1.82%, and $ATOM is down 1.12%. Ethereum Layer 2, Arbitrum, was hit the hardest this weekend after the team backtracked on a governance proposal (which we discuss in more detail below). $ARB is down 3.38% today and has declined nearly 20% from its highs last Friday. An exception to the altcoin underperformance is the Liquid Staking Derivatives, which have been rising since last week leading up to Ethereum's Shanghai upgrade on April 12th. $LDO is up 2.61%, and $RPL is up 0.55% today. Another standout today has been none other than $DOGE, which has risen 25.57% after Elon Musk integrated the Dogecoin logo into Twitter.There was controversy over the weekend surrounding Arbitrum after the Ethereum Layer 2 backtracked on a governance proposal. The Arbitrum foundation proposed AIP-1, which outlined several actions regarding the ARB token and the structure of the ArbitrumDAO. The controversy stemmed from a part of the proposal that stated that 750M $ARB tokens (worth nearly $1 billion) would be transferred to the Administrative B

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