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On-chain analysts at crypto intelligence tracker Santiment believe Ethereum holders have lost their risk appetite for the asset, based on divergences in the market. Experts have predicted a correction in Ethereum, against Bitcoin.

Crypto analyst who predicted the bull market of 2023 has commented on Bitcoins uptrend. The expert believes BTC is primed for a run up to the $50,000 level, however this a likelihood of a correction in the asset soon.

dYdX tokens large wallet investors have steadily accumulated the asset since March 2023. Whale accumulation coupled with a declining supply on exchanges is considered a bullish sign for the token and experts predict a sustained uptrend in dYdX.

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Excerpt from:

Cryptocurrencies Price Prediction: Ethereum, Bitcoin & DYDX Asian Wrap 17 April - FXStreet

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

The Ethereum network completed its most recent major update, known as the Shanghai Upgrade, at 6:27 pm ET on March 12.

The upgrades biggest change is to give validators the ability to withdraw staked coins. This could prompt a mass liquidation event or alternatively lead to a surge in new usersonly time will tell.

This is the first major upgrade since the merge in September 2022, which changed the Ethereum network to a proof-of-stake system.

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The Shanghai Upgrade is a planned hard fork of the Ethereum protocol.

Forks are changes in a blockchains protocol. In the case of Shanghai, the fork will be a hard fork. In hard forks, the non-upgraded version is usually no longer compatible with the upgraded version.

With the Shanghai Upgrade, the non-upgraded nodes will no longer participate in the staking and validation process, says Pooja Ranjan, founder of EtherWorld.co and herder-in-chief of the Ethereum Cat Herders.

The Shanghai Upgrade will also be accompanied by the Capella Upgrade, which will apply changes to the Consensus Layer, leading to the joint moniker Shapella.

The Shanghai Upgrade is a relatively small upgrade, especially when compared to the merge this past fall, says Ben Weiss, CEO of CoinFlip.

However, there are a handful of additional improvements in this release that will make it easier and cheaper for developers to deploy and run smart contracts which will help drive utilization in the network up over time.

One of the primary incentives behind the Shanghai Upgrade is to improve liquidity for stakers and validators who wish to withdraw their funds.

Ethereum staking refers to the process of transaction validation on the Ethereum blockchain network, says Christopher Mitchell, founder and Principal of Keala Advisors, a registered investment advisory firm specializing in investments within the digital assets and emerging technology spaces.

An investor can stake some or all of their ETH holdings on the network to earn interest on their staked amount. In this way, staking is similar to a traditional investor choosing to hold bonds.

To become a validator, users are required to stake 32 ETH to activate the validator software. Currently, validators cant transfer or withdraw these staked funds, however.

Since the launch of the Beacon chain in Dec 2020, Ethereum staking is unidirectional, Ranjan says. Users may stake ETH to become a validator, perform duties and earn rewards in their wallet. But they cant withdraw their staked ETH.

After the Shanghai and Capella Upgrades, users will be able to withdraw staked ETH.

It will activate ether (ETH) withdrawals, allowing current validators in the network to unstake the ETH theyve locked in the Beacon Chain, Ethereums new consensus layer, says Samir Kerbage, chief investment officer at Hashdex, a leading global crypto-focused asset manager.

This will be possible via either a partial withdrawal, which releases the issuance rewards a validator has collected over time, or a full withdrawal, that unlocks both their principal deposit and the aforementioned issuance rewards.

This new implementation means more liquidity for stakers as well as the broader market. Enabling more access and liquidity puts more control in the hands of investors, Weiss says.

The Shanghai Upgrade will also deploy three other Ethereum Improvement Proposals (EIPs) on the execution layer:

Other than a bit of price volatility during and immediately following the upgrade, the Shanghai Upgrade shouldnt affect ETH holders who havent yet staked coins as validators on the Beacon Chain.

ETH users, however, may notice lower fees, making it cheaper to transact on the network, Kerbage says. This implies that using decentralized applications and transferring digital assets built atop the network may become more accessible to a larger portion of interested users.

In the hours immediately following the Shanghai Upgrade, ETH rose more than 6% to break through the $2,000 barrier for the first time in almost a year.

However, one side of the debate worries that unlocking the more than 17 million staked ETH, worth more than $30 billion at the time of this writing, could lead to a deluge of ETH into the crypto market.

That is a concern because if that were to occur, an increased supply of this cryptocurrency without a corresponding increase in demand could result in an immediate price decrease, Mitchell says.

However, those who subscribe to that theory must also consider that two years ago the price of ETH was almost three times its current price, and it is currently trading at close to half the price it was trading at as little as a year ago, he adds.

Many investors who had their ETH staked could be trading at a loss if they immediately withdraw, and therefore, investors may not be so quick to do so.

Theres also the fact that even if all the stakers wanted to withdraw immediately, they couldnt due to the exit queue, which limits the number of ETH that can be unstaked in any single day.

Likewise, Kerbage says the constant entry of new validators will counterbalance this potential outflow, and possibly even outweigh it.

By removing both the staking requirement of 32 ETH and giving validators greater liquidity, the upgrade will lower the barrier of entry for both individual and institutional investors interested in staking their ETH directly to the network, Mitchell says.

That should attract more individual and institutional investors looking to use staking of ETH as an investment vehicle, which would be good for the long term price of ETH.

The long-term future of ETH remains bright, according to experts. Kerbage expects that once the volatility dies down in the weeks following the upgrade, investors are more likely to see price appreciation in ETH in the mid- to long-term.

Mitchell sees the upgrade as a positive for investors from a long-term fundamental perspective. He says the upgrade is another step towards increasing the efficiency of transactions on the Ethereum blockchain and reducing transaction fees.

Increased efficiency and a reduction in fees should lead to further growth in the development of applications on the platform, he says. Increased utilization of the network is good for long term growth and price gain of its native currency.

Read more from the original source:

What Is Ethereum's Shanghai Upgrade? Forbes Advisor - Forbes

Bankrupt crypto lender Celsius has withdrawn 6,521 staked Ethereum worth over $13 million since the network-enabled withdrawals through the Shapella upgrade.

On-chain investigator Lookonchain reported on April 14 that 239,882 ETH worth $504.5 million had been withdrawn. The top three addresses withdrawing their assets were the bankrupt lender, liquid staking protocol Lido, and Figment.

Data from blockchain analytical firm Nansen corroborated that the bankrupt lender was withdrawing its asset. According to its dashboard, Celsius has withdrawn 4,991 ETH as of April 13, equating to 3.64%.

According to the Arkham Intelligence dashboard, the lender holds 410,378 staked ETH worth $862.45 million.

Meanwhile, Lookonchain noted that Lido had withdrawn 152,780 ETH, equating to 64% of all withdrawals. Staking solution provider Figment processed the second-largest withdrawal with 7,135 ETH.

Besides the bankrupt lender, centralized crypto exchanges Kraken, Binance, Coinbase, Gemini, and Huobi account for around 85% of entities waiting to withdraw their staked assets. According toNansendata, 1.117 million ETH are currently in the queue for withdrawal.

Per Nansens data, Kraken accounts for most of the pending withdrawals with 556,321 ETH. Binance is second with 216,208 ETH, while Coinbase is third with 117,239. Huobi and Gemini want to withdraw 71,377 ETH.

The recent regulatory actions in the United States could be forcing firms in the region to withdraw their staked ETH. In February, the SEC fined Kraken $30 million for failing to register its staking services.The regulator has also filed charges against Gemini and has issued a Wells notice to Coinbase.

Crypto blogger Tiffany Fong suggested that Celsius wants to sue her in an April 14 tweet. Fong shared a screenshot of the bankrupt lenders monthly fee statement, including a $72,000 invoice titled Tiffany Fong litigation.

Fong is a Celsius creditor with about $119,000 locked in the firm. She has been actively reporting on the Celsius bankruptcy case while sharing leaked internal information. The blogger also got the broader market attention when she interviewed the founder of the now defunct crypto exchange, FTX, Sam Bankman-Fried.

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Celsius Withdraws Over 6K Staked Ethereum - BeInCrypto

Decred (DCR), designed to offer an autonomous and decentralised privacy maximizing currency, has announced the release of DCRDEX 0.6.

DCRDEX 0.6 is the latest version of Decreds decentralized exchange (DEX) platform that improves on previous iterations by introducing direct peer-to-peer (P2P) cross-chain swaps.

According to a press release Decred shared with Invezz, DCRDEX 0.6 removes the need for intermediaries, bringing to users more privacy and security. The release also now offers access to privacy-enhanced cross-chain compatibility.

Brian Stafford, Blockchain Developer at Decred, commented:

With centralized exchanges experiencing frequent hacks and outages, DCRDEX 0.6 is a timely and crucial development in the world of decentralized financeThis latest release demonstrates that users can still exchange their funds without compromising the key principles of security, privacy, and self-custody.

DCRDEX 0.6 supports direct swaps for new assets in Ethereum and USDC, meaning holders can swap for other assets in a peer-to-peer environment that eliminates the need for an intermediary, utility token or such other third-party arbitration.

Users can thus enjoy full self-custody with direct and secure P2P swaps for Ethereum and other L1 chains, including Bitcoin (BTC) and native Decred token DCR. DCRDEX 0.6 also supports native wallets for top altcoins Litecoin (LTC) and Bitcoin Cash (BCH).The wallets leverage the same privacy-preserving light wallet technology used for bitcoin and DCR wallets.

In an effort to foster a fully decentralised DEX platform, Decred has introduced time-locked fidelity bonds. This means theres no more registration fee an initial deposit that users needed to post before they could post orders.

Fidelity bonds allow for funds to remain on-chain for a period, with users able to redeem once the lock period expires. The bonds will only be spendable by those who post them, a feature that could enhance Decreds push for a fully decentralised DEX platform.

DCRDEXs latest version eliminates rent-seeking mechanisms with transactions just between users assets and respective chains.

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Decred announces DCRDEX 0.6 with support for Ethereum and ... - Invezz

The much-awaited Shapella upgrade is live on the Ethereum mainnet. Lets find out more about the upgrade and other noteworthy events that happened in crypto, blockchain, and the web3 space this week.

Bitcoin and many of the top-performing cryptocurrencies are heading toward breakout zones. Will they break up or break down?

Bitcoin has broken to the upside and is now establishing itself above the $30,000 level. Is this the beginning of the bull market?

As the fiat monetary system flounders and cash in the bank buy less and less, more investors are flocking to Bitcoin, which might have started its bull market.

Lightspark, a newly-founded crypto infrastructure firm, has officially launched its Bitcoin Lightning Network implementation designed for enterprise-grade use cases.

Ethereum activated the Shanghai hard fork on April 12 at 22:27:35 UTC combining key changes to the blockchain's Engine API, performance, and initialization improvements to the execution layer (in Shanghai), as well updates to the consensus layer (for Capella).

Etherscan recently announced a new implementation that will no longer display token transfers without any value through its blockchain explorer interface.

In the early hours of April 9, a bug in a smart contract on the decentralized finance protocol SushiSwap led to losses amounting to over $3 million.

SushiSwap has revealed that it has managed to recover 100 ETH, worth around $186,000, following the exploit.

In a big blow to Canadian users, dYdX announced that its decentralized derivatives exchange would no longer be accessible to users in Canada.

MetaMask, a decentralized wallet firm backed by ConsenSys, has announced the launch of a new fiat-to-crypto ramp for its Portfolio dApp.

Coinbase has been awarded $470,000 in restitution in its insider trading lawsuit against the brother of a former employee.

Coinbases head of exchange, Vishal Gupta, is reportedly leaving the company. Gupta plans to exit the crypto exchange but intends to remain in the crypto space.

According to multiple reports, cryptocurrency exchange Gemini has received a $100 million loan from two of its co-founders, Tyler and Cameron Winklevoss.

The Binance crypto exchange has decided to delist the TRON token ($TRX) 3 weeks after the SEC charged SEO Justin Sun and his companies.

Both Robert F. Kennedy Jr. and Ron DeSantis have expressed their displeasure against the Federal Reserves upcoming payments system, FedNow.

This year's G7 Summit, which will be held in Hiroshima, Japan, is set to discuss policy for crypto and digital assets, with a focus on the standards for global implementation of CBDCs.

South Korean authorities have detained several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts.

The NFT collective Proof is launching a new collection, in partnership with artists like Beeple, exclusively for Moonbird collectors.

Reddit has launched its third-generation (Gen 3) NFT collection, featuring more artists working on the theme of futuristic realities.

Solana has recently announced the introduction of state compression technology to significantly reduce the storage costs associated with NFTs on its network.

Gaming hardware firm Razer has announced the establishment of zVentures Web3 Incubator (ZW3I), a new initiative aimed at funding Web3 gaming projects and bringing them to mainstream audiences.

Bluzelle, a blockchain for GameFi, has just released Capella, an NFT marketplace tailored to blockchain-based web3 games.

South Korean cryptocurrency exchange GDAC was the target of hackers on April 9, with the platform losing nearly $13 million during the attack.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto Weekly Roundup: Ethereum Uploads Shapella And More - Crypto Daily