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Ethereum Soars to 11-Month High Following Shanghai Upgrade – Decrypt

April 14, 2023 | Author: admin

Ethereum (ETH) is leading the charge in the crypto markets on Friday, as the price of the second largest cryptocurrency jumped 7% over the past day.

After climbing to an eleven-month high of $2,123.35, ETH is trading hands at $2,111, according to data from CoinGecko.

Ethereum developers successfully completed the long-awaited Shanghai hard fork on Wednesday, opening the doors to withdrawing the funds previously staked by the networks participants.

While some experts agreed that enabling staked ETH withdrawals would hardly lead to significant sell pressure, few anticipated a sharp increase in price either.

Yet, Ethereum jumped 6% on Thursday, trading around $2,000 for the most part of the day, before experiencing another surge in the early hours of Friday.

One possible reason for the price rise is that along with the ability to withdraw the staked funds (not necessarily meaning that those funds will be sold), the Shanghai upgrade also means that investors are now able to stake coins on the Ethereum mainnet, providing a source of passive income. Furthermore, the upgrade has provided financial institutions with greater confidence in their staking-as-a-service offerings.

It is entirely possible that there will be more people willing to stake ETH (locking up liquidity and reducing the available supply) after the upgrade, as people will be more certain that they can safely unstake their ETH," Matthew Niemerg, co-founder of privacy-enhancing blockchain network Aleph Zero, previously told Decrypt.

Onchain data shows that a total of 277,o46 ETH ($58.5 million) has been withdrawn since the Shanghai update.

The governance tokens of several liquid staking platforms, including Rocket Pool, Lido DAO, and Frax Shares, have also seen significant price increases. These platforms enable Ethereum holders to stake their ETH and receive a liquid staking token in return, which can be used within the DeFi ecosystem to generate additional yield.

Both Rocket Pool (RPL) and Lido DAO (LDO) saw double-digit percentage gains in the last 24 hours, up 18.3% and 8.6%, respectively, while the price of Frax Shares (FXS) is up 6.7% over the day.

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$198M in Ethereum Staked to Network in Last 24 Hours – Decrypt

April 14, 2023 | Author: admin

At least a few Ethereum enthusiasts are as bullish as ever on the network.

Per data collected from Nansen, gross staking deposits have hit $198.7 million, or 94,800 ETH, over the past 24 hours.

Staking has taken center stage following the networks latest Shanghai upgrade on Wednesday. This change allowed users who potentially had their ETH locked up for two years to finally withdraw their holdings. Staking is when users pledge cryptocurrency to the network to keep it running. Ethereum requires staking because it now runs on a proof-of-stake blockchainwhich uses validators instead of miners to secure the network.

Those who stake earn digital currency rewards in the process. Ethereum made the move to proof of stake last year in a highly-anticipated transition, known as the merge.

Getting back to the latest data, ETH deposits are still negative, however, indicating that there remain overall more entities withdrawing than staking assets.

Thats expected since its just the beginning, Nansen analyst Martin Lee told Decrypt. Validators that have accrued excess ETH from earnings would want to unstake since theyre only accruing rewards on 32 ETH.

Validators can either choose between a "partial exit" or a "full exit" when leaving the network. A partial exit refers to validators simply skimming off any accrued rewards, but continue to keep their 32 ETH stake on the network. A full exit refers to validators that choose to withdraw their rewards, initial 32 ETH deposit, and leave the network entirely.

Interestingly, yesterday there was even a brief moment in which deposits far outpaced withdrawals, with 27,000 ETH deposited and just 7,615 ETH withdrawn.

"Top deposits so far have come from a few entities. Lido, OKX, Kiln.fi, Frax," said Lee. "However, most notably from this wallet that we have labeled as 'P2p ETH2 Depositor.' [They] Deposited 50,000 ETH."

Source: Nansen

As for withdrawals trending downward, Lee indicated that the network will soon hit a baseline once this first wave of validators can claim any accumulated rewards.

Its expected to see a surge at the start since, as mentioned above, even validators that want to continue staking would want to withdraw their accrued earnings and restake it, he told Decrypt.

At press time, there are more than 874,000 ETH still waiting to exit the network.

Based on current trends, though, its likely that some of that ETH will get put right back to work.

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$198M in Ethereum Staked to Network in Last 24 Hours - Decrypt

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Crypto investors face delays in withdrawing funds after Ethereum … – Reuters

April 14, 2023 | Author: admin

LONDON, April 13 (Reuters) - Cryptocurrency investors are facing delays to withdraw funds deposited on the Ethereum blockchain after its major software upgrade, highlighting persistent headaches for Ethereum which aims to have the technology widely used for instant payments.

The software upgrade, known as "Shapella," was set to unlock more than $30 billion worth of ether , the second-biggest cryptocurrency, which investors had deposited on the Ethereum blockchain in return for interest.

Ether rose above $2,000 for the first time since August 2022 on Thursday .

Until Wednesday's upgrade, investors could not withdraw funds they had deposited via this method, known as "staking", on the Ethereum blockchain.

As of Thursday, ether worth around $1.4 billion was stuck in a withdrawal queue, blockchain data firm Nansen said.

The delays are an example of the limits in the transactions that Ethereum can process, highlighting its potential shortcomings as it strives to become a widely-used financial infrastructure.

The Ethereum Foundation, a body that speaks for the network and describes itself as a "non-profit organisation dedicated to supporting Ethereum", did not comment.

The delays are due to limits in the amount of transactions the blockchain can process, Nansen analyst Martin Lee told Reuters via email. It can process approximately 1,800 validator withdrawals, or 57,600 ether worth of exits per day, he said - that's approximately $115 million.

The limits on validator withdrawals were in place for security reasons, Lee said.

"In an extreme scenario, if theres no limits, and a large majority of validators exit, the Ethereum network would be vulnerable to attacks and bad actors," he said.

Ethereum has grown popular for offshoots of the crypto market such as so-called decentralised finance or NFTs, but it has yet to become used in mainstream payments, finance or commerce.

The major Binance exchange said users would be able to withdraw their ether from its staking product from April 19, and that it may take "15 days to several weeks" to process these transactions.

"Due to the processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each Binance user," Binance said on its website.

Nansen's Lee said the backlog will likely take weeks to clear, after which depending on what the average daily "unstaking" amount is, it would take just hours or a couple of days.

Reporting by Elizabeth Howcroft, editing by Tom Wilson and Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving "Web3".

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Ethereum (ETH) Surges as Arthur Hayes Declares Altcoin Season – U.Today

April 14, 2023 | Author: admin

Alex Dovbnya

Arthur Hayes, former BitMEX CEO, recently sparked excitement among crypto enthusiasts as he declared beginning of new altcoin season on Twitter

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Arthur Hayes, former CEO of BitMEX, recently took to Twitter to declare the beginning of another altcoin season."Allow me to reintroduce myself. My name is ALTSZN!!!" he tweeted.

This came after Ethereum (ETH) experienced a surge in price. The top altcoin peakedat $2,130 on the Bitstamp exchange earlier today.

As reported by U.Today, the Bitcoin (BTC) competitor surpasses $2,000, driven by the successful Shapella upgrade and an unexpected drop in PPI inflation.

The altcoin market saw significant gains over the past 24 hours, with ETH up by 9.4%, Binance's BNB increasing by 4.4%, Cardano (ADA) rising by 9.2% and Dogecoin (DOGE) adding 9.%.

Itconveys Hayes' optimism about the cryptocurrency market's positive momentum, particularly for altcoins, amid an ongoing shift to bullish market conditions.

The day before, Hayes tweeted a question regarding the Bitcoin market: "Any theories as to why after an almost 100% pump in $BTC post FTX, perp funding is still negative? What cohort in the market is supplying the marginal sell pressure?" The tweet sparked discussions among crypto enthusiasts trying to decipher the market dynamics behind recent price movements.

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Hacker Robs Crypto Exchange Bitrue of $23M in Ethereum, SHIB, Other Assets – Decrypt

April 14, 2023 | Author: admin

Crypto exchange Bitrue announced this morning that it had identified an exploit in one of its hot wallets.

The attacker was able to withdraw assets valued at approximately $23 million in Ethereum (ETH), Quatn (QNT), GALA, Shiba Inu (SHIB), Holo (HOT), and Polygon (MATIC).

Hot wallets are a type of crypto wallet used to store cryptocurrencies that are connected to the internet and easily accessible. These are, however, more vulnerable to cyberattacks and theft than cold wallets, which are not connected to the internet.

According to blockchain security firm PeckShield, the attacker swapped 173,000 QNT, 22.55 billion SHIB, 46.4 million GALA, and 310,000 MATIC for ~8,540 ETH and withdrew to this Ethereum address. The address currently holds $3.2 million worth mainly in SHIB and HOT.

Bitrue reported that the affected hot wallet only held less than 5% of the exchange's overall funds. They have suspended withdrawals from the exchange until April 18.

In 2019, the exchange suffered another attack where around $5 million worth of Ripple (XRP) and Cardano (ADA) tokens were drained from Bitrue due to a vulnerability in their internal review processes, allowing attackers to gain access to customer accounts.

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Ethereum leads way as most big cryptocurrencies post gains – MarketWatch

April 14, 2023 | Author: admin

Published: April 14, 2023 at 10:00 a.m. ET

Most of the large cryptocurrencies were up during morning trading on Friday, with Ethereum Ethereum USD seeing the biggest change, rising 4.93% to $2,107.58.

Seven additional currencies posted increases Friday. Polygon Polygon USD climbed 3.65% to $1.17, and Ripple XRP USD increased 3.11% to 53 cents.

Dogecoin Dogecoin USD increased 3.06%...

Most of the large cryptocurrencies were up during morning trading on Friday, with Ethereum ETHUSD seeing the biggest change, rising 4.93% to $2,107.58.

Seven additional currencies posted increases Friday. Polygon MATICUSD climbed 3.65% to $1.17, and Ripple XRPUSD increased 3.11% to 53 cents.

Dogecoin DOGEUSD increased 3.06% to 9 cents, while Polkadot DOTUSD rallied 2.56% to $6.72. Cardano ADAUSD climbed 1.65% to 44 cents.

Uniswap UNIUSD and Bitcoin BTCUSD rounded out the increases for Friday, with gains of 1.65% to $6.30 and 1.48% to $30,749.70, respectively.

On the other hand, Solana SOLUSD posted the only drop, falling 0.20% to $24.70.

In crypto-related company news, shares of Coinbase Global Inc. COIN climbed 2.04% to $70.36, while MicroStrategy Inc. MSTR rose 0.87% to $343.69. Riot Platforms Inc. RIOT shares slipped 0.26% to $13.47, and shares of Marathon Digital Holdings Inc. MARA increased 4.64% to $12.06.

Overstock.com Inc. OSTK climbed 1.68% to $18.71, while Block Inc. SQ climbed 0.66% to $64.99 and Tesla Inc. TSLA

PayPal Holdings Inc. PYPL rallied 1.30% to $76.50, and Ebang International Holdings Inc. EBON shares declined 1.19% to $5.83. NVIDIA Corp. NVDA increased 1.39% to $268.31, and Advanced Micro Devices Inc. AMD rose 0.59% to $92.63.

In the fund space, the Bitwise Crypto Industry Innovators ETF BITQ , which is focused on pure-play crypto companies, rose 4.49% to $7.33. Blockchain-focused Amplify Transformational Data Sharing ETF BLOK rose 0.76% to $21.11. Grayscale Bitcoin Trust GBTC , which tracks the Bitcoin market price, climbed 2.66% to $18.17.

Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.

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How Ethereum, Solana, and Signuptoken.com Can Lead the … – Analytics Insight

April 14, 2023 | Author: admin

For those familiar with cryptos and digital assets, you might know that these assets are not in control of any central authority or regulators. From a consumer rights perspective, the lack of any regulations is worrying.

Various crypto regulation models have been tried worldwide, with varying levels of success. The United Arab Emirates stands out as a model for a balanced regulatory approach. The Central Bank of the UAE has recognised the importance of cryptocurrencies as it explores implementing its own digital currency.

The government of the UAE is also advocating for transparency from important players in the crypto industry as it has sought details of ownership, management and auditing processes from Binance and other firms as part of their application process. Crypto regulation, when done right, as in the case of the UAE, can spur the industrys growth and deliver us all the benefits the crypto world and blockchain offer.

As you mightve seen in the news, the traditional financial system we depend on is slowly crumbling away. A reboot of the system is the need of the hour, and crypto could provide that reboot.

A crypto-based decentralised financial system can get the financial system to work for everyone. We will examine how Ethereum and Solana can be the cryptos that can lead the push for a decentralised economy and how a new crypto project called Signuptoken.com can revolutionise the world of cryptocurrencies.

Ethereum is the most popular crypto ecosystem in the world, and has the second largest market capitalization of $223 billion. Ethereum boasts the largest community of developers and the most DApps on any blockchain. Furthermore, Ethereum is transitioning from a proof-of-work network to a proof-of-stake network which will make staking on the network faster.

Ethereum can make DeFi popular because of its huge market cap and the strengths of its blockchain. Ethereum is also one of the most secure networks in the crypto world.

These factors combine to give Ethereum a leg up in its pursuit to build more DeFi projects on its blockchain. The investors in Ethereum blockchain stand to gain from the significant growth prospects of DeFi and how Ethereum has a foot in the door when it comes to winning the crypto race.

The Solana networks blockchain has several advantages over other blockchains. The network is rated the fastest blockchain in the world, with the capacity to support over 65,000 transactions per second.

The network is also highly scalable, making it apt for large applications, and the network is also cheaper compared to other blockchains.

The Solana network uses a proof-of-history consensus mechanism, which makes the network one of the most energy efficient. These attributes make Solana a worthy candidate to lead the financial systems transition into DeFi. Solana is ranked tenth in market cap rankings, and as DeFi grows popular, it will be a very rewarding investment.

Signuptoken.com has broken all crypto conventions by its pre-launch strategy of having no presale. If you are someone who follows crypto news, chances are you might have heard about token presales or ICOs. Theyre the usual route that tokens take before launch. But not Signuptoken.com, the intriguing crypto project will look to add investors by having them sign up on Signuptoken.com with their email addresses. No presales, and no prepaid charges; just register with your email id!

Once signed up, users will get an email that will inform them of the coins launch date. The registered users will have exclusive access to the coin. Signuptoken.com has stated that it will launch on Uniswap when it hits one million registrations.

The network is also planning to build a comprehensive DeFi ecosystem. Once up and running, the Signuptoken.com ecosystem will transfer wealth from the traditional financial ecosystem to DeFi and make its holders rich in the process.

The project is your potential ticket to the millionaires club with its community-driven network and exclusive token.

So hesitate no more and sign up for your entry into the millionaires club. This is your one great chance of smashing into the world of millionaires, so why let it go begging? Sign up with your email addresses today and make Signuptoken.com your ticket to the world of riches.

Interested In Registering Your Way Into Millions?

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

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Ethereum (ETH) And Aptos (APT) Price Prediction: Uwerx (WERX … – Cryptonews

April 14, 2023 | Author: admin

Disclaimer: The text below is a press release that is not part ofCryptonews.comeditorial content.

An upbeat investor mood is prevailing in the crypto market thanks to the rally made by many of the top cryptos in 2023. Ethereum (ETH), for instance, is expected to increase by over 1,000% between 2023 and 2025. Aptos (APT) another popular crypto coin showed a 450% increase in January 2023.

Uwerx, a crypto project in its presale stage is another contender with an expected increase of 6,000%. Will the price be on the upward curve or should investors be cautious about the price predictions?

Here is a deeper insight into the three cryptos.

As a freelancer-centric project in its presale phase, Uwerx is attracting attention from freelancers and crypto investors.

The freelance platform is constantly growing, providing freelancers with a wonderful opportunity to hone their skills, grow, and earn big - 80% of employees stated in recent research that a freelancing career looks lucrative.

Some of the key benefits that Uwerx offers include:

Uwerx current price is $0.0065 and it has a high probability of becoming a blue-chip crypto. Further, its liquidity will be kept locked for 25 years from the date of the presale conclusion.

The audit completed by InterFi Network and SolidProof further indicates the security and efficiency of the platform.

Furthermore, the team followed through on their promise by renouncing the ownership of smart contracts after taxes had been brought down to zero.

Uwerx helps in improving website navigation, reliability, delay in payments, and other issues. With Uwerx, all the challenges are faced effectively.

Ethereum (ETH) is an open-source software using blockchain technology. Popular among developers and institutions due to its smart contracts and design, Ethereum (ETH) helps support numerous decentralized apps.

Ethereum (ETH) is currently priced at $1,674.42 with a 24-hour trading volume of $8,444,985,397.

Ethereum (ETH) is expected to increase by more than 1,000%. Experts predict the value of Ethereum (ETH) could reach $2739.64 in 2023.

Aptos (APT) is a Layer 1 blockchain platform that uses Move language based on smart contract programming.

Popular for its fast transaction speed, upgradeability, scalability, and configurability, Aptos (APT) focuses on providing the best user experience.

Aptos (APT) is currently priced at $11.38 and has a 24-hour trading volume of $198,539,021. While Aptos (APT) increased by 450% in January 2023, it has shown a slight decline in the first week of February.

Experts predict a positive momentum and an upward price movement for Aptos (APT).

Ethereum (ETH) shows an upward trajectory that looks promising for investors. Aptos (APT) prediction, though not as good as Ethereum (ETH), shows a possible increase in 2023.

However, Uwerx with its unique advantages of low fees, higher transparency, low initial price, greater security grabs and peace of mind for investors is certainly attracting more attention.

Analysts predict it could increase by 6,000% and reach $6.75 by August 2024, thus changing the tenacious gig economy.

Its early phase and high growth probability, combined with its benefits, make it a profitable investment in 2023.

Many investors are participating in the presale of Uwerx, and we believe you should too, find out more by following the links below and enjoy a 25% bonus.

Presale: invest.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Website: https://www.uwerx.network/

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Litecoin growth goes unnoticed amidst Ethereum upgrade hype; expect this from the next halving – FXStreet

April 14, 2023 | Author: admin

Litecoin is one of the only few cryptocurrencies that has managed to stay on track of making growth slowly and quietly, unlike other altcoins. However, going forward, this is expected to change as Litecoin prepares for a crucial update after nearly four years.

While the crypto market has been gripped with discussions about regulatory crackdowns, Ethereum Shanghai upgrade, and the possibilities of an alt season, Litecoin has been rising undetected.

In the span of a month, the altcoin registered a 40% growth in price action rising from $69 to $97. Not only did it mark a solid rally, but it also managed to outperform some of its competitors, including the likes of Avalanche, Polkadot and Tron, whose rallies in the same duration have been less than 40%.

LTC/USD 1-day chart

But this is not the end for Litecoin as LTC stands to be the only token to benefit from both a potential alt season and even a Bitcoin season. This is all thanks to its affiliation with the largest cryptocurrency in the world, which also earned Litecoin the title of Silver to Bitcoins Gold.

Furthermore, Litecoin adoption is also improving again and could significantly benefit from the broader market bullishness. This is crucial for LTC as it hit a snag back in October 2022 when nearly 1 million investors exited the market in less than five days due to unknown reasons. But with the Litecoin halving event coming up, these investors presence is expected to increase again.

Litecoin addresses with balance

Litecoin halving works the same way as Bitcoin halving does, with the LTC rewards for processing a block set to be reduced by 50% every four years or so. LTC rewards started with 50 LTC and are presently at 12.5 LTC following the last halving in 2019. With the next halving expected within the coming four months, the rewards for processing a block will be reduced to just 6.25 LTC.

This could create higher demand for the altcoin in the market as the supply would become limited going forward. Naturally, this could also set off a potential rally and push Litecoins dominance in the crypto market further.

Although during the last halving, LTC noted no significant growth in its price, the situation could be different this time around as it is the altcoin that recently flipped Binance USD (BUSD) and took the spot of the twelfth biggest cryptocurrency in the world.

However, at the same time, knowing Litecoin, the event could go unnoticed since the broader market is still concerned with the potential economic recession that could take place over the next four months. The ongoing regulatory crackdown and dominance of Bitcoin and Ethereum on social mentions would also draw attention away from Litecoin, which would actually be in line with the digital assets nature.

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Litecoin growth goes unnoticed amidst Ethereum upgrade hype; expect this from the next halving - FXStreet

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Top Analyst Tells Crypto Traders To Prepare for a Fun Quarter Ahead, Inspects One Ethereum-Based Altcoin – The Daily Hodl

April 14, 2023 | Author: admin

A widely followed crypto analyst is predicting a fun quarter ahead for Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets.

Crypto trader Michal van de Poppetellshis 652,600 Twitter followers that Bitcoin could reach up to $50,000 in the next quarter of 2023.

Generally, I think were going to have fun this quarter.

Bitcoin can continue the run towards $40,000-50,000, Ethereum to $2,800-$3,000.

Altcoins getting more momentum as confidence is back in the markets (and they have a small window).

Recession in H2 (second half of the year) -> correction on crypto.

Diving deeper into BTC, Van de Poppe thinksthe king crypto will have some slight downs on its way up.

Bitcoin looks strong, but will have some shallow corrections in an upwards trend.

Ive marked $31,700-32,000 as an important resistance point.

However, $25,000 was the level everyone wanted to buy. This will probably shift to $28,500, and then nobody buys.

Id prefer to focus on $29,700.

Moving on to the Etherum-based oracle altcoin Chainlink (LINK), the analystsaysLINK is on the verge of a breakout.

Chainlink starts to look great.

Bullish divergence on the daily chart implying that were reversing from here.

Finally a breakout from the range to $15-20 to be occurring.

Overall, Van de Poppesays hes seeing positive signs for cryptos future.

$30,700 per Bitcoin.

$2,100 per Ethereum.

$7.80 per Chainlink.

This is a good morning. Most likely markets continue going upwards for coming months.

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Top Analyst Tells Crypto Traders To Prepare for a Fun Quarter Ahead, Inspects One Ethereum-Based Altcoin - The Daily Hodl

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