Ethereum (ETH) was at $1,553. It posted its worst daily low of the year after the United States Securities and Exchange Commission suspended cryptocurrency exchange Kraken’s offering of crypto services.
Kraken will pay $30 million to settle SEC allegations that it violated securities rules by offering crypto-waxing services to US retail investors.
The news made buying some tokens from proof-of-stake (PoS) blockchain projects cheaper. This included Ethereum, which switched to a staking-based protocol in 2022.
On February 9, the price of ETH fell almost 6.52% to around $1,524, the biggest one-day drop since December of last year.
The update will allow Ether validators to withdraw their assets and income.
As a result, many experts, including the chief investment officer of Bitwise Asset Management, view Shanghai Ether as bullish.
Many investors who want to bet on ETH and reap the benefits are sitting on the sidelines. After all, most investment strategies can’t afford to be locked in indefinitely.
Some people think that banning Ether staking services will cause users to abandon Ethereum.
Ethereum requires participants to enter 32 into its PoS smart contract to be a validator. Retail investors often use staking services that do not pool much ETH to trigger validator status.
Let’s see the price of Bitcoin
Although inflation has a big impact on the price of Bitcoin, its resistance to other macroeconomic factors has surprised experts.
The FTX crash and related events caused the $21,882 bitcoin price to move up or down more in the fourth quarter than macroeconomic events such as rate hikes.
Active wallets grew 2.3% QoQ as Bitcoin transitioned from centralized exchanges to an autonomous level.
The February 8 paper reviewed the links between macroeconomic news and the Bitcoin price and found that inflation was the only variable significantly affecting the Bitcoin price.
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