this week in market reportCointelegraph analyst and writer Marcel Pechman discusses how Bitcoin (BTC) broke the $30,000 mark, setting a new high for 2023. He also covers Tether’s blacklisting of a validator and whether the latest update to Ethereum could attract institutional investors to Ethereum.
Bitcoin Hits $30K To Mark Highest Price Since June 2022
Bitcoin has hit price highs not seen since mid-2022, with the largest crypto by market cap touching $30,000 and setting a new high for 2023. According to CoinGecko data, Bitcoin has slightly topped $30,000 and It is at almost $30,190 as of this writing. a price it hasn’t hit since June 10, 2022. Over the past 30 days, BTC posted gains of almost 46%, hitting its highest level in 10 months on April 11. Some analysts predicted it would rebound to its $30,000 price as traders wait for the US Consumer Price Index (CPI) report on April 12, which will give insight into the Federal Reserve’s battle against inflation. But what about our own analyst? Pechman gives his opinion on whether the anticipated CPI has anything to do with the recent price of Bitcoin.
Tether blacklists address of validator that depleted MEV bots for $25 million
Tether, the issuer behind major stablecoin Tether (USDT), has blacklisted an address that depleted $25 million of maximum withdrawable value (MEV) bots last week. In this case, the rogue validator’s address swooped in to execute the MEV transaction, resulting in losses of nearly $25 million in various digital assets, making it the largest MEV exploit to date. Etherscan has already flagged the address, warning of his involvement in the exploit. Was it wrong for Tether to blacklist the address? Did someone really do something wrong here? Pechman breaks it all down for us.
Shapella could attract institutional investors to Ethereum despite the risks
Ethereum takers and validators will soon be able to withdraw $32 billion of Ether (ETH) from the Beacon Chain, which represents roughly 15% of the circulating supply of ETH, according to Coinbase’s April 5 newsletter. Some are concerned that the update, also known as the Shanghai hard fork, could reduce the total number of validators and put selling pressure on the network, among other concerns. The upgrade should mitigate risks for investors. “Lower volatility plus yield makes it a more familiar and less risky asset to hold for the long term,” Rich Rosenblum, co-founder and president of GSR, a crypto market building firm, told Cointelegraph. Will the latest Ethereum upgrade attract more institutional investors? Pechman lets us know what he thinks will happen.
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