Bitcoin Breaks $30k Barrier, Ethereum Implements Network Upgrade, and FTX Considers Relaunching Exchange: Latest Developments in Crypto Market
Weekly Update
The Global Crypto Market Cap is up by 4.15% to $1.28T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has increased by 18.42% to $54.34B.
DeFi’s total 24-hour volume is $4.29B, or 7.90% of the overall Crypto Market volume. All Stablecoin volume is currently $48.34B, or 88.97% of the 24-hour volume of the whole Crypto Market.
The price of Bitcoin was trading at $30,734.05 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 45.83%, a decrease of 0.88% from the previous day. In the last 24 hours, the price of ETH increased by 10.33% to $2,112.69, while the price of BNB went up by 3.66% to $331.82. Based on the CoinMarketCap Chart, the total market capitalization of Cryptocurrencies has shown the following trend in its movement since the previous week:
Bitcoin has recently crossed the $30k threshold, leading many to believe that the cryptocurrency market may have hit its bottom in November 2022, concluding the crypto winter cycle. As a result, there is growing anticipation for a potential long-term rally, which could result in Bitcoin breaking its previous record and reaching new heights.
Ethereum’s Long-Awaited Network Upgrade has Arrived: What’s Next?
Ethereum’s long-awaited network upgrade, known as the “Shanghai” or “Shapella” upgrade, has been activated, enabling stakers to withdraw their cryptocurrency. Previously, stakers had to lock up their tokens to earn financial rewards, which reduced their investment’s liquidity. With over 15% of all Ethereum staked, worth $33.73 billion, investors can now begin selling off some of these assets. The upgrade brings native Ethereum yield to a free market, which is necessary for genuine growth, according to some experts. However, there may be at least $300 million worth of selling pressure due to the unlock, causing temporary volatility on the market. Despite this, the upgrade is largely positive for Ethereum’s future, finalizing the switch to proof-of-stake mechanism, reducing the network’s energy usage by 99.9%. The upgrade is seen as a bullish event for Ethereum, with experts expecting more institutional investment in Ethereum’s network. The upgrade paves the way for broader institutional participation in ETH staking, which is essential for the future security and stability of the network.
With $7.3B in Assets Recovered, FTX Contemplates Relaunching the Exchange
During a court hearing on Wednesday, attorneys from Sullivan & Cromwell representing FTX, the cryptocurrency exchange that faced a spectacular collapse in November, revealed that reopening the exchange is being considered as the company navigates bankruptcy. One option discussed was allowing creditors to convert a portion of their holdings into a stake in a reopened exchange. Following the announcement, the price of FTX’s FTT token more than doubled. Andy Dietderich, the lead attorney for FTX, stressed that restarting the exchange is just one of many options being considered for the company’s future, and any decisions are far from final. Dietderich added that significant capital would be required, and internal discussions were ongoing about whether that capital should come from the FTX estate’s capital or third-party capital. Customers may receive an interest in the exchange in the future rather than receiving their estate proceeds in cash. The attorneys informed the court that they had recovered $7.3 billion in liquid assets from the defunct exchange, a significant increase from the $1.9 billion recovered in January, but that FTX is still “far away from an equity distribution.”
Bitcoin and the wider cryptocurrency market have experienced significant growth this year, with Bitcoin’s year-to-date performance standing at over 85%. This trend has made alternative investment options such as remote mining even more profitable. As a result, many industry participants anticipate that we may soon witness a rally that could drive Bitcoin to a new all-time high.
