Ethereum (ETH) was at $1,553. It posted its worst daily low of the year after the United States Securities and Exchange Commission suspended cryptocurrency exchange Kraken’s offering of crypto services.
Kraken will pay $30M to settle SEC allegations that it violated securities rules by offering crypto-skinning services to US retail investors.
The news made it cheaper to buy some tokens from proof-of-stake (PoS) blockchain projects. This included Ethereum, which switched to a stake-based protocol in 2022.
On February 9, the price of ETH fell nearly 6.52% to around $1,524, the biggest one-day drop since December of last year.
The update will let Ether validators withdraw their assets and revenue.
As a result, many experts, including the chief investment officer of Bitwise Asset Management, consider Shanghai Ether bullish.
Many investors who want to stake in ETH and reap the benefits are sitting on the sidelines. After all, most investment strategies cannot afford to be locked in indefinitely.
Some people think that banning Ether-staking services will make users leave Ethereum.
Ethereum requires stakers to enter 32 in its PoS smart contract to be a validator. Retail investors often use staking services that pool not a lot of ETH to activate validator status.
Let’s look at Bitcoin’s price
Although inflation has a large impact on the price of Bitcoin, its resilience to other macroeconomic factors has surprised experts.
The FTX collapse and related events pushed bitcoin’s $21,882 price up or down more in the fourth quarter than macroeconomic events such as rate hikes.
Active wallets grew by 2.3% quarter-on-quarter as Bitcoin moved from centralized exchanges to a self-governing tier.
The February 8 paper reviewed the links between macroeconomic news and the price of Bitcoin and found that inflation was the only variable that significantly affected the price of Bitcoin.
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- Source: https://www.financebrokerage.com/ethereum-price-risk-is-at-20/
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