Ethereum Shapella Update Triggers Staker Withdrawals, Raises Concerns and Optimism

The recent Shapella update on the Ethereum network has caused stakers to withdraw thousands of ETH worth millions of dollars. While some analysts predicted a decline in the market value of ETH, the price has remained above $2,000, leading to cautious optimism among investors.

Withdrawals of over 270,000 ETH have been recorded since the update, with Lido, Figment, and Celsius Network being the leading withdrawal addresses. Lido also dominates the staking market with over 5 million staked ETH, followed by Kraken and Figment.

However, there are concerns about the future of the staking market, as Kraken faces a lawsuit by the CFTC, and Celsius faces insolvency issues. These concerns raise questions about the overall impact on ETH's value.

Despite liquidations amounting to over $73 million in the last 24 hours, funding rates stand at over 0%, indicating that investors anticipate a future price increase.

Key takeaways:

The Shapella update caused staker withdrawals of thousands of ETH worth millions of dollars.

Lido dominates the staking market with over 5 million staked ETH.

Kraken and Celsius face concerns about the future of the staking market.

Despite liquidations, funding rates indicate investor optimism for a future price increase.

Conclusion:

The Shapella update on Ethereum has caused staker withdrawals, leading to concerns and optimism among investors. While the future of the staking market remains uncertain, funding rates suggest that investors remain positive about the future value of ETH.

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Hello, everyone!

There is a very tricky market situation on the Bitcoin price chart. On the one hand I told you that anticipate the consolidation below $30k, but BTC is not going to break it through. On the other hand, I don't fully understand the Elliott waves structure.

I consider that the rapid dump couple of days ago was the wave 1. Now we can see the some sort of corrective wave 4. If I am right the target for the wave 3 is located at 1.61 Fibonacci extension level, approximately $25500. Now I don't have trade on Bitcoin, but have short opened on ADAUSDT.

Price now is below the Williams Alligator indicator and Awesome oscillator demonstrates the increasing downward momentum. I consider now that the dump now has higher probability than pump from current prices.

Chart 1. BTC price.

Also I have another one argument that this is the end of this tricky pump. On the chart 2 I show you that on the daily chart we have the squat bar at the top. Squat bar is the strong sign of reversal.

Chart 2. Squat bar on 1D time frame BTC.

Best regards, Ivan

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#ETH /USDT

$ETH short challenge account trade:

🔻 $ETH Short (Challenge Account) 🔻 Entry: $2089 Target: $1990 Stop loss: Above $2116, hard stops not more than $2122 (max risk 1.5%)

Trade explanation: Going short on $ETH with a challenge account trade. Entry at $2089 with a target of $1990. Stop loss above $2116, with hard stops not more than $2122 to limit risk to 1.5%

#eth2.0 #hongkongweb3festival2023 #cpi #fantasticdeals

Hello, everyone!

I am still holding my local short which now is in small profit and has the stop loss at the entry. I am trying to catch the last wave 5 inside wave 1 higher degree.

Let's take a look at the chart. I told you earlier that the target for the current dump is $26000-$26300🔴. After that I expect any sort of bounce. This bounce in my opinion is gonna be the wave 2 of the global bearish wave. It has the target approximately at $29k, which is 0.61 Fibonacci retracement. Of cource this target now is undefined because wave 1 has not been ended.

After that I expect the rapid dump in May - historically the worst month for all risky assets. Target for the most impulsive wave 3 is even $21k😨. 1.61 Fibonacci extension perfectly corresponds to this number.

Chart 1. BTC price.

Best regards, Ivan

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it can be difficult to discern which assets have the potential for growth and which do not. However, upon closer examination of $LTC , it appears that this digital asset may have a promising future.

Despite a price decline over the last two years, the On Balance Volume chart indicates a significant amount of buying pressure for $LTC as compared to $BTC . This suggests that investors are bullish on $LTC and believe that it has room for growth in the future.

Investors and traders alike should keep a close eye on $LTC and consider it as a potential addition to their portfolio. As with any investment, it is important to conduct thorough research and analysis before making any decisions. However, the indicators suggest that $LTC may be a worthwhile investment opportunity for those willing to take the risk.

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#Litecoin

BUSD Drives 19% Decline in Stablecoin Transfer Volumes

Stablecoin transfer volumes have experienced a significant dip, with a decline of 19.2% in the past week, led by a slowdown in the use of Binance's BUSD. The decline in volume represents a continued downward trend in the stablecoin's trajectory in recent months. In addition to transaction volume, BUSD's market capitalization has also been falling, dropping below $7 billion on April 15th, the lowest amount in circulation since April 2021.

Declining stablecoin supplies are not limited to BUSD. Other major stablecoins like USDC and TUSD have also seen their total supply dwindle. According to BeInCrypto, the top four stablecoins have seen their market capitalization shrink by 23% from peak levels. Since their respective peaks, USDC's supply has fallen by $20 billion, and BUSD's supply has lost $11 billion. While less dramatic, supplies of TUSD and Dai have also dropped $1.3 billion and $4.4 billion, respectively.

It is important to note that the peak market caps of stablecoins were observed during a wider crypto bear market, where investment shifted towards less volatile assets. Currently, stablecoins represent approximately 10% of the total crypto market capitalization, compared to close to half of all crypto investments at one point. Liquidity has shifted towards BTC and ETH in 2023.

BUSD faces ongoing challenges, including the potential enforcement action by the U.S. Securities and Exchange Commission (SEC) against its issuer, Paxos. Following the news of the SEC probe in mid-February, BUSD's supply shrank by 60% in the following weeks. According to BeInCrypto data, BUSD has fallen to 13th place among cryptocurrencies, with a string of altcoins outperforming Binance's dollar-pegged token. Shiba Inu briefly overtook BUSD earlier this week.

Takeaways:

Stablecoin transfer volumes have declined 19.2% in the past week, with BUSD leading the fall in volume.

Other major stablecoins like USDC and TUSD have also seen their total supply dwindle, with the top four stablecoins experiencing a 23% decline in market capitalization from peak levels.

Stablecoins currently represent approximately 10% of the total crypto market capitalization, with liquidity moving towards BTC and ETH in 2023.

BUSD faces ongoing challenges, including the potential enforcement action by the SEC against its issuer, Paxos.

Conclusion: The decline in stablecoin transfer volumes and market capitalization highlights the shifting trends in the cryptocurrency market. While stablecoins played a significant role in the previous crypto bear market, liquidity has now moved towards less volatile assets like BTC and ETH. BUSD's ongoing challenges, including the potential SEC enforcement action, have also contributed to its decline in market capitalization and supply.

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There was a cryptocurrency trader named Sarah who had built up a significant amount of wealth through her trading activities. However, despite her success, she was always concerned about the security of her funds and the potential for hacks or other security breaches.

One day, Sarah decided to explore the world of decentralized finance, or DeFi, in search of a more secure way to manage her funds. She began by researching different DeFi platforms and learning about their unique features and benefits.

Eventually, Sarah settled on a DeFi platform that offered a decentralized exchange, a lending platform, and other financial services. The platform was built on a blockchain and offered unparalleled security and transparency.

Sarah transferred a portion of her funds to the DeFi platform and began exploring its various features. She was amazed by the speed and efficiency of the platform's transactions, as well as the low fees compared to traditional financial services.

Over time, Sarah became more comfortable using DeFi and began to rely on it as a key part of her trading strategy. She used the platform's decentralized exchange to trade cryptocurrencies and earn rewards for providing liquidity to the platform's liquidity pools. She also used the platform's lending service to borrow funds at competitive rates, which she then used to invest in other opportunities.

Thanks to DeFi, Sarah was able to manage her funds with greater security and efficiency than ever before. She continued to explore new DeFi platforms and services, always looking for new ways to optimize her trading activities and build her wealth.

@Marticlues

#Binance #eth2.0 #hongkongweb3festival2023 #fantasticdeals #BTC

🚨Breaking News🚨

#bitcoin has just surpassed Tesla to become the 10th largest asset by market cap in the world! 🔝

Currently trading at approximately $30,000 💰, the cryptocurrency market is on the rise 📈

Stay tuned for more updates on this developing story!

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