City Shanghai Financial News

The Ethereum price has fallen by 2.5% in the past 24 hours, dipping to $1,872 as the market awaits the full rollout of the long-awaited Shanghai upgrade today.

An estimated 170,000 Ether (ETH) of the total 18.1 million ETH staked on the Beacon Chain will be unlocked within the first week of the Shanghai hard fork being executed on Ethereum, Glassnode has predicted.

A new software upgrade to the Ethereum blockchain, dubbed Shapella, will let market players redeem their «staked ether» — coins they have deposited and locked up on the network over the past three years in return for interest. About 15% of all ether is staked, totaling $33.73 billion in market value, according to data from Dune Analytics. Up to 1.1 million ether will be ready for withdrawals in the week following the revamp of the blockchain, estimated Sreejith Das, CEO at Attestant, a company that facilitates the staking of ether. That would be worth nearly $2 billion, based on the latest ether price of about $1,860.

Crypto watchers are setting their sights on Etherum this week, as the currency undergoes an upgrade that some think could have a negative impact on the price of the coin, at least in the short term.

Ethereum's Ether (ETH) token continued its losing streak versus Bitcoin (BTC) for the fifth day in a row as BTC's price jumped above $30,000 for the first time since June 2022.

Ethereum’s Shanghai/Capella upgrade — also known by the portmanteau Shapella — may not be the technical marvel of last year’s “Merge” or introduce turbocharged speeds to the network. 

The Ethereum [ETH] merge is set to come to an end, with its final upgrade — Shapella (Shanghai + Capella) — less than 36 hours away. The final event will let stakers withdraw their locked funds, thus enabling them to enter and exit their staking positions at any given point.

cryptocurrency markets were trading higher on Monday. Bitcoin (BTC) rose 1.37% to $28,300, whereas Ethereum (ETH) was above the $1,850 level. BTC volume in the last 24 hours stood at approximately $12.43 billion, rising 30.14% in the last 24 hours. «Most cryptocurrencies rose over the weekend as markets reacted to the non-farm payrolls report, which showed that 236,000 jobs were added to the U.S. economy last month. Bitcoin was back above the US$28,000 level,» Edul Patel, Co-founder and CEO at Mudrex, said. «BTC's support now lies at US$27,900, while the resistance lies at US$29,200. On the other hand, Ethereum is attempting to move towards the US$1,900 level and is currently trading flat at the US$1,850 level ahead of the Shanghai update scheduled for April 12th,» Edul added. Other top crypto tokens were also trading higher. BNB, Dogecoin, Solana and Shiba Inu rose up to 2%. The global cryptocurrency market cap was trading higher around $1.18 trillion, rising 0.85% in the last 24 hours.

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Bitcoin (BTC) starts the week on a firm footing as bulls send BTC price to a new 10-month high weekly close.

After Danish logistics firm Maersk terminated its blockchain-based supply chain platform last year, industry builders have not given up on blockchain applications in global trade.

Bitcoin (BTC), the world's largest cryptocurrency, started this week on a solid upward trajectory and has remained stable around the $28,400 level. Similarly, Ethereum, the second most popular cryptocurrency, has gained substantial traction and is approaching the $1,900 mark in the wake of the upcoming Shanghai update scheduled for April 12.

Investors keeping a close eye on Ethereum [ETH] may have noticed that investor interest was limited despite the hype surrounding the Shanghai upgrade. Meanwhile, at press time, some network developments underpinned substantial activity in its preparation.

It has been claimed that a large state-owned corporation in China would be creating new cryptocurrency funds, which indicates the company has a more optimistic position on the sector than was previously believed. According to a local news outlet that focuses on technology, 36Kr, CPIC Investment Management, which is a subsidiary of China Pacific Insurance (CPI), is teaming up with investment company Waterdrip Capital to develop two cryptocurrency investment funds.

Ethereum staking deposits have declined slightly in recent weeks due to increased regulatory pressure and the Shapella upgrade slated for April 12.

The crypto community is eagerly anticipating the upcoming Shanghai Upgrade, which has been generating significant interest from the Ethereum [ETH] community. Nevertheless, the growing scrutiny may potentially have adverse effects on ETH’s future.

Ethereum's Ether (ETH) token dropped by over 7.5% in its Bitcoin (BTC) pair in 2023. But ETH/BTC may wipe its year-to-date (YTD) losses entirely in April as Ethereum's long-awaited Shanghai hard fork is just days away.

While it may have some short-term negative impact on the price of Ether (ETH), the upcoming Shanghai upgrade will be extremely bullish for Ethereum's native token, as it will attract more capital to staking and increase the network's security, according to Ethereum researcher Vivek Raman. 

The Ethereum [ETH] network is known for being a dynamic and constantly evolving ecosystem, and its developers are always working to improve it. Recently, on 7 April, the network’s consensus developers held their weekly call to discuss several pressing issues related to Ethereum’s functionality and performance.