Arbitrum Backtracks on Governance Proposal and Bittrex winds down U.S. Operations
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 ETHâSOL -2.37% is down 1.32%, OP -2.07% is down 1.82%, and ATOM -0.67% 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 0.28% 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.
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