Following Ethereum’s Shanghai upgrade, which went live Wednesday evening, ether has gained just over 3%, approaching the $2,000 mark. Prices rose as deposits into the Ethereum network outpaced withdrawals, disappointing bears expecting a mass outflow of coins following the upgrade. The native token of Ethereum’s blockchain outperformed market leader bitcoin, having lagged in the lead up to the upgrade. “We’re seeing a ‘sell the rumor buy the fact’ redux,” Paradigm’s David Brickell said. Analysts were divided on potential price action in the days prior to the upgrade, with many predicting that fresh supply would increase sell pressure, with others anticipating a psychological battle of traders punishing the over-crowded short trade.
Ether’s 24-hour price chart
Crypto exchange Kraken led ether’s unstaking parade, making up 62% of the exit queue, according to on-chain data tracked by the Rated network explorer. The number of validators in the exit queue had surpassed the 15,000 mark at press time, per Parsec Finance. Kraken’s dominance of the unstaking queue is largely expected, given the legal issues it has faced with the U.S. Securities and Exchange Commission (SEC). In February, the SEC determined Kraken’s staking offerings – but not staking programs offered by competing exchanges – to be unregistered securities.
Trading platform eToro is set to offer trading services of crypto and other assets directly to Twitter users via a new partnership with the social media company, the firm announced Thursday. The new service – named “$Cashtags” – is available from Thursday and will see the social investing firm provide its users with real-time prices for cryptocurrencies, stocks and other assets while directing them to the eToro platform to make trades. The news was first reported by CNBC and then confirmed by eToro on its official Twitter account. $Cashtags aligns with Twitter owner Elon Musk’s plans to integrate financial services into the platform, as part of his intentions to create a “super app.”“The next bull market is going to be wild,” trader and analyst Alex Kruger, tweeted, referring to the eToro/Twitter tie-up.
Market Insight: Bitcoin Whale Sent $330M in BTC to Bitfinex
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A large bitcoin investor sent some $330 million in bitcoin (BTC) to crypto exchange Bitfinex on Wednesday, according to blockchain sleuth Lookonchain.
The bitcoin “whale,” said Lookonchain, transferred 11,000 BTC tokens to a Bitfinex wallet at a BTC price of $30,114.
Whales are crypto investors who control large amounts of digital assets. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.
The transfer may indicate the investor who controls the wallet is realizing profits after bitcoin’s remarkably strong performance this year.
The chart shows the top projects in all crypto market sectors based on the total fee earned in the past 30 days and their year-on-year growth.
While Ethereum remains the top fee generation, its share of total fees paid in the market has gradually declined. Meanwhile, Ethereum’s competitor Tron has entered the top 10 list this year.
“Tron is now vying for market leadership, bolstered by its widespread adoption in emerging markets,” Token Terminal said in an email. Increased network usage often bodes well for native cryptocurrency.
– Omkar Godbole
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
