Cryptocurrency Market News: Bitcoin and Ether Prices Fall After Dencun Upgrade
Last week proved to be a roller-coaster ride for bitcoin (BTC) investors, as the largest cryptocurrency by market capitalization topped another lifetime high of $73,000 to start the week but fell below the $65,000 mark by Sunday after a sell-off. Ethereum's Dencun upgrade fulfilled its intended goal by lowering fees on various Layer 2 networks but ether (ETH) prices also weakened at the end of the week.
Elsewhere, prosecutors recommended that former FTX Chief Executive Officer (CEO) Sam Bankman-Fried receive up to 50 years in prison for charges related to fraud and money laundering. Additionally, digital asset manager Grayscale Investments has filed for a second spot bitcoin ETF in an effort to offer lower its management fees.
Following the Dencun upgrade on Ethereum's mainnet on March 13, Ethereum Layer 2 (L2) protocols have experienced a remarkable reduction in transaction fees, with some protocols slashing fees by as much as 99%. Dencun, hailed as a pivotal scalability-focused upgrade, is being called one of Ethereum's most significant advancements since The Merge.
Prominent L2 protocols have marked an impressive 99% decrease in gas fees post-upgrade, with current fees for some like Starknet plummeting to 2.7 cents.The introduction of data blobs through EIP-484 during the Dencun hard fork has improved transaction data processing, offering faster and more cost-effective transactions for L2s.
Federal prosecutors are advocating for a substantial sentence of up to 50 years for the disgraced cryptocurrency prodigy Sam Bankman-Fried, according to court documents unveiled on Friday. Bankman-Fried, the former CEO and co-founder of the failed cryptocurrency exchange FTX, was convicted of multiple criminal charges including
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