Subscribe to our newsletter!
- Ether loses all gains from Shanghai upgrade, dropping to $1,833; Bitcoin slumps 10%, trading as low as $27,200 amid inflation concerns and a potential recession.
- Ethereum’s Shanghai upgrade enabled $35 billion worth of tokens to be withdrawn from staking contracts, propelling Ether to its highest level in 11 months before its recent decline.
- Some traders remain optimistic about Bitcoin’s long-term uptrend, viewing current price action as common and suggesting a retest of the $25,000 level could be healthy.
ETH Price Update
Ether (ETH), the second-largest cryptocurrency by market capitalization, has experienced a decline, losing all the gains it made after the Shanghai upgrade. Ether dropped to $1,833 on Friday afternoon, its lowest price since April 9. The digital asset has seen a 13% decline from its high of $2,118 on Tuesday and a 5.3% drop in the last 24 hours.
The Ethereum blockchain’s Shanghai upgrade, a critical step in transitioning from a proof-of-work to a more energy-efficient proof-of-stake protocol, allowed for the withdrawal of around $35 billion worth of tokens locked in staking contracts. The upgrade caused a surge in ETH price, reaching its highest level in 11 months.
However, since Tuesday, Ether’s value has steadily dropped.
Bitcoin Drops 10%
Bitcoin (BTC) has also experienced a slump, recently trading as low as $27,200, a 3% drop in the last 24 hours and a 10% tumble from Tuesday’s high above $30,000. The overall weakness in the crypto market was related to concerns surrounding inflation, stock market earnings, and a looming recession.
Despite the recent decline in Bitcoin’s price, some traders remain optimistic about its long-term uptrend. Credible Crypto, a popular trader, views the current price action as “common” in the crypto market, suggesting that a retest of the $25,000 level would be “logical and healthy.”
As Ether erases gains from the Shanghai upgrade and Bitcoin experiences a 10% decline, the cryptocurrency market is grappling with uncertainties. However, some traders and analysts maintain their confidence in the long-term prospects of these digital assets.
Recent News in Crypto
- TikTok Videos On Crypto Investments Highly Misleading, Study Finds
- Bored Ape Creator Yuga Labs Claims ‘Landmark Legal Victory’ Over Copycat NFTs
- Binance CEO Changpeng Zhao Leads Praise for EU’s New Crypto Regulation, MiCA
- Coinbase CEO Urges Congress to Intervene on Crypto Regulation
This article is published on BitPinas: News Bit: Ethereum Price Update: Ether Loses Shanghai Gains as Bitcoin Slumps 10%
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://bitpinas.com/cryptocurrency/news-bit-ether-erases-gains-shanghai-bitcoin-down-10-percent/
- :has
- :is
- :not
- 000
- 11
- 200
- 22
- 9
- a
- About
- above
- Action
- advice
- After
- All
- also
- Amid
- an
- Analysts
- and
- APE
- April
- ARE
- around
- article
- articles
- AS
- asset
- Assets
- At
- BE
- before
- below
- Beyond
- Billion
- Bit
- Bitcoin
- BitPinas
- BTC
- by
- capitalization
- caused
- ceo
- Changpeng
- Changpeng Zhao
- Common
- Concerns
- confidence
- Congress
- content
- contracts
- could
- creator
- credible
- critical
- crypto
- crypto investments
- Crypto Market
- Crypto regulation
- cryptocurrency
- cryptocurrency market
- Current
- Decline
- deliver
- digital
- Digital Asset
- Digital Assets
- Drop
- dropped
- Dropping
- Drops
- Earnings
- enabled
- ETH
- eth price
- Ether
- ethereum
- Ethereum Price
- experienced
- Experiences
- external
- false
- financial
- financial advice
- For
- Friday
- from
- Gains
- Have
- healthy
- here
- High
- highest
- highly
- HOURS
- However
- http
- HTTPS
- in
- independent
- inflation
- information
- intervene
- Investments
- IT
- ITS
- just
- Key
- key levels
- Labs
- Last
- Leads
- Legal
- Level
- levels
- locked
- logical
- long-term
- longer
- looming
- Loses
- losing
- love
- Low
- made
- maintain
- major
- Market
- Market Capitalization
- months
- more
- New
- new crypto
- news
- of
- on
- Optimistic
- our
- over
- overall
- plato
- Plato Data Intelligence
- PlatoData
- Popular
- potential
- price
- PRICE ACTION
- propelling
- prospects
- protocol
- provide
- published
- pump
- rally
- reaching
- recent
- recently
- recession
- Regulation
- related
- remain
- Season
- second-largest
- serves
- shanghai
- since
- Slump
- some
- Staking
- Step
- stock
- stock market
- Study
- surge
- Surrounding
- team
- that
- The
- their
- These
- time
- to
- Tokens
- trader
- Traders
- Trading
- transitioning
- true
- Tuesday
- uncertainties
- Update
- upgrade
- uptrend
- USD
- value
- Videos
- views
- was
- we
- weakness
- with
- withdrawal
- worth
- would
- Yuga
- Yuga Labs
- zephyrnet
- Zhao