ARB, EOS, ZEC Costs Tumble to Document Lows Amid Recession Stress 

• Arbitrum (ARB), EOS, and Zcash (ZEC) lately hit a contemporary all-time low.
• EOS is down 97% from its peak of $22.89, and ZEC is buying and selling at $43, far-off from its $5,941 ATH.
• The market crash is attributed to the worldwide financial system being alarmed by geopolitical tensions

Following current market-wide downturns, the costs of Arbitrum (ARB), EOS (EOS), and Zcash (ZEC) hit all-time low as buyers’ sentiment shifted. On August 5, ARB tanked to $0.4317, setting a contemporary all-time low (ATL) in its worth historical past. Whereas ARB has briefly recovered, buying and selling at $0.5771 at press time, it’s nonetheless down 75.7% from its all-time excessive of $2.4 in January 2024. 

ARB, the governance token for the Arbitrum community, faces rising competitors from different layer-2 options.

EOS, a blockchain platform designed for scalable decentralized purposes, has additionally suffered important losses. The EOS token at present trades at $0.4971, after falling to an all-time low of $0.41988 on August fifth. This represents a staggering 97% decline from its peak of $22.89 in April 2018.

Zcash, identified for its privateness options, hasn’t escaped the downturn. ZEC additionally noticed a pointy decline final week, hitting an all-time low of $27.276. Whereas it’s at present buying and selling at $43.03, it is a far cry from its October 2016 excessive of $5,941.80.

A number of components may very well be attributed to those worth declines, together with international financial uncertainties and altering investor sentiment. Specifically, these cash dropping to their all-time low got here after a pointy crypto market downtime on August 5, which noticed Bitcoin fall to a six-month low of $49K. Bitcoin’s fall triggered a $1.19 billion liquidation on crypto-tracked futures.

Reacting to the market crash, Bitget CEO Gracy Chen talked about that the worldwide financial system is alarmed by geopolitical tensions whereas the U.S. financial system is going through recession stress. She famous that the U.S. inventory market plunged for 3 consecutive buying and selling days. 

Finally, sentiments surrounding ARB, EOS, and ZEC recommend buyers are actually confronted with difficult selections about whether or not to carry onto these belongings in anticipation of a possible market restoration or to dump them for different alternatives.