After Shanghai Upgrade, ETH Passes $2k

After Shanghai Upgrade, ETH Passes $2k

Time Stamp: April 13, 2023 1:46 PM
Source Node: 2581110

Coindesk | Sam Reynolds, Omkar Godbole Apr 13, 2023

ETH Deposits vs Withdrawals - After Shanghai Upgrade, ETH Passes $2k

We are seeing a sell the rumor buy the fact redux, one observer said, explaining ether’s post-Shanghai upgrade rally.

  • Ether rose to $2,003 on Thursday, reaching the highest point since August. The rally to an eight-month high comes off the back of a successful network upgrade called Shanghai, or Shapella. The upgrade implemented during Asian hours enables withdrawals for users who have staked their ether, a process that helps secure and validate transactions on the blockchain.
  • Heading into the pivotal hard fork, analysts were divided on how the backward-incompatible upgrade would influence ether’s price, with some anticipating an investor rush to liquidate holdings.

See:  PayPal Launches MetaMask Web3 Wallet Integration to Enable Ethereum Transactions

  • Overall the demand for unstaking ether has been moderate, as a sizable portion is currently held at a loss. The biggest unstaker so far has been Kraken, which is shutting down its staking service for U.S. users as part of a settlement with the Securities and Exchange Commission.
    • Over 77% of ETH being withdrawn has been from the exchange Kraken and the majority of withdrawn ETH by validators outside of this is rewards, not rewards plus original stake. This is a more constructive than the market had potentially anticipated.

Continue to the full article –> here

NCFA Jan 2018 resize - After Shanghai Upgrade, ETH Passes $2kThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23.

FintechAndFunding.com

Get on demand access and join live events at FFCON23 March 28 April 4 - After Shanghai Upgrade, ETH Passes $2k

Support NCFA by Following us on Twitter!

NCFA Sign up for our newsletter - After Shanghai Upgrade, ETH Passes $2k

Related Posts

Time Stamp:

More from NC facan Ada