City Shanghai Financial News

Ethereum’s decentralized community of developers and innovators has done it yet again: The Shapella upgrade is complete — a significant milestone for the network that is the linchpin of Web3 tools. Why is Shapella significant? A deep dive: First, some context: Ethereum is the second-largest crypto asset by market cap. It is the first smart contract blockchain, developed by Vitalik Buterin and others in 2015. Now, about Shapella. The upgrade was actually done in two steps: SHAnghai & CapELLA. Together, they mark the final piece to Ethereum’s switch to Proof-of-Stake achieved last year. The upgrade enables the withdrawal of staked ETH and the rewards that were until now locked in. This is significant for a) ETH as an asset & b) Ethereum as the Web3 pillar.

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Midway through last week and following the successful implementation of the Shanghai and Capella upgrades to the Ethereum blockchain, the price of Ether (ETH) broke convincingly above the $2,000 level for the first time since May 2022.

Liquid staking is rapidly gaining attention in the crypto industry as a way to incentivize participation in proof-of-stake (PoS) networks and provide a robust price stability mechanism. However, its benefits go beyond these functions. In this interview, Filipe Gonçalves, chief of DeFi at Ankr, shared his insights on the benefits of liquid staking, new developments in the space, and how using staking rewards as a base layer for DeFi could lead to a new era of possibilities for the crypto industry.

Ethereum blockchain underwent a successful Shapella upgrade on April 12, making way for validators to withdraw their staked Ether (ETH) from the Beacon chain after three years. After seeing over a million ETH in withdrawals in the first week, the amount of staked ETH has now surpassed the number of ETH being withdrawn for the first time after the Shapella upgrade.

cryptocurrency markets were trading mixed on Monday. Bitcoin, XRP and Cardano were trading with cuts, while BNB, Solana and Litecoin saw gains. Bitcoin (BTC) fell 1.12% to $29,996, whereas Ethereum (ETH) was above the $2,100 level. BTC volume in the last 24 hours stood at approximately $14.78 billion — rising 29.22% in the last 24 hours. «Over the weekend, Bitcoin maintained its consolidation around the US$30,000 level after reaching a peak of US$31,005 on Friday — its highest point since June 2022. In contrast, Ethereum, the second-largest cryptocurrency, achieved a new 11-month high of US$2,141 over the weekend, driving fresh enthusiasm among investors following the successful Shanghai upgrade,» Edul Patel, Co-founder and CEO at Mudrex, said. ETH is currently trading at US$2,101, which represents a 134% increase since its lowest cycle in June 2022. The market as a whole appears to be bullish, Edul added.

Ethereum's highly anticipated Shanghai upgrade, also known as the Shanghai-Capella hard fork, is set to occur on Wednesday. The upgrade will give users access to the $31 billion worth of ether (ETH) staked in the blockchain since December 2020. While the upgrade has been widely hailed as long-term bullish for Ethereum's native token, Bitcoin's dominance rate continues to rise, and concerns among investors have been raised about the potential sell-off of unlocked tokens following the upgrade.

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The Ethereum price has dropped by a slight 0.4% today, although at $2,092 the leading altcoin remains up by 12.5% in the past week, following the successful rollout of the long-awaited Shanghai upgrade.

Bitcoin and Ethereum are two major cryptocurrencies that have gained significant popularity since the beginning of this year. Ethereum (ETH), which is the second-most popular cryptocurrency, recently surpassed the $2,000 milestone for the first time since May of last year.

Over 1 million Ether (ETH) worth $2.1 billion has now been withdrawn from Ethereum’s Beacon Chain within the first four days of the Shapella hard fork and Ether has pushed over $2,100 for the first time in 11 months.

Bitcoin and Ethereum, two of the largest digital currencies, have been making headlines lately as their values continue to rise. It has recently surpassed the $30,000 mark, while Ethereum, which is the second-largest cryptocurrency globally, has reached a multi-month high of $2,000.

On April 12, the price of ApeCoin (APE), which is an ERC-20 token that was produced by Yuga Labs, had a large spike, reaching $90.00 per token on the cryptocurrency exchange that is known as Upbit and which is based in South Korea. The price surge was just a brief phenomenon, however, and was followed by a sharp collapse that wiped out the bulk of the profits. In spite of this fact, APE is still trading at a significant premium of around $4.50 above other exchanges, with each token going for $10.90 at the time this article was published.

The primary token in the world’s largest smart contract ecosystem, Ethereum has topped $2,100 for the first time since May. Ethereum price blasted through resistance at $2,000 following a successful Shapella upgrade, previously referred to as Shanghai, on April 12.

The cryptocurrency market has experienced a notable upswing, primarily driven by recent inflation data and a significant Ethereum network upgrade.

The Bitcoin price has surged a remarkable 10% in just one week, sparking renewed optimism and speculation that a fresh bull market may be on the horizon. Bitcoin's value has been increasing over the past few days and has seen a significant increase in value of more than 80% since the beginning of this year.

Ether (ETH) future short positions have been wiped out on mass in the last two days, as the world’s second-largest cryptocurrency by market capitalization defied the bears and rallied in wake of Wednesday’s highly anticipated series of upgrades to the Ethereum blockchain.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

Ethereum’s long-anticipated Shanghai and Capella upgrade was activated on April 12 and the total withdrawals in the first 40 hours after the Shapella upgrade stood at 142,425 ETH, per Nansen data. This falls in line with previous estimates. 

 

«Most cryptocurrencies rose slightly in the past 24 hours after mildly encouraging inflation data on one side and Ethereum Shanghai upgrades on the other. Bitcoin was seen trading above the US$30,000 level, with its resistance set at US$30,500. This shows that the bulls currently have the upper hand in the market. However, the support of BTC lies at the US$29,900 level,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading higher. Solana surged over 5%. Meanwhile, Polkadot, Litecoin, Dogecoin and Cardano also traded with gains. The global cryptocurrency market cap was trading higher around $1.23 trillion, rising 1.09% in the last 24 hours. The market cap of Bitcoin, the world's largest cryptocurrency, was around $582 billion. Bitcoin’s dominance is currently 47.25%, a decrease of 0.25% over the day, according to CoinMarketCap.