Ethereum (ETH) gained 12.76% over the past 24 hours, soaring past $1,200.
Ethereum’s bullish price movement can most likely be attributed to the successful testing of one of the last tests before the Merge by Ethereum core developers yesterday. The event itself is expected to happen in September.
The highly anticipated upgrade will transition Ethereum from a proof-of-workproof-of-work (PoW) blockchain network to a proof-of-stakeproof-of-stake (PoS) network. The upgrade is expected to improve the network’s scalability as well as reduce its carbon footprint.
More Videos
0 seconds of 38 minutes, 57 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
ConsenSys CEO Joe Lubin talked about Ethereum 2.0 timing and impact, the power of DAOs, and gave his honest take on NFTs, Solana, Polygon, and Biden's crypto executive order in an extensive fireside chat with Decrypt's Dan Roberts at Camp Ethereal 2022 in Wyoming.
Alongside the successful trial of the latest test fork, activity across various Ethereum-based apps is also on the rise.
The total value locked (TVL) across various DeFi apps has jumped 3.44%, hitting $76.74 billion, according to data from DeFi Llama.
The leading apps include MakerDAO, Aave, Curve, and Ethereum staking platform Lido.
Bitcoin follows Ethereum run-up
The price of Bitcoin (BTC) has jumped by more than 5% in 24 hours and trades around $20,916.
Bitcoin, the leading cryptocurrency with a market capitalization of $397.6 billion, is, however, still down 69% from its all-time highs of $68,789, set in November 2021, according to data from CoinMarketCap.
For Bitcoin, the growth in the number of non-zero balance Bitcoin addresses indicates increased on-chain user activity. There are 42.5 million addresses with non-zero Bitcoin balances, a new all-time high for the metric.
Other leading cryptocurrencies posted substantial gains too, led by Solana (13.08%), XRP (8.8%), BNB (4.95%), and Dogecoin (6.7%).
The global cryptocurrency market capitalization has also gained 6.49% from the previous day.
Despite the recent gains, the total market cap is down 68% from its all-time highs of $2.9 trillion recorded in November 2021, suggests data by CoinMarketCap.
The latest run-up will likely face serious headwinds at the end of this month.
That’s because the Federal Reserve is expected to raise interest rates by 75 basis points again after inflation hit 9.1% earlier this week, a figure not seen in the past 40 years.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Bitcoin miners continue to feel the crunch, with firms in the space selling more coins than usual to make ends meet.
Data firm CryptoQuant said in a Tuesday report that miners last week stepped up their selling as the price of the biggest cryptocurrency dropped below $80,000.
The firm said that on April 7, miners sold a total of 15,000 BTC—the third-largest daily outflow this year. That's at least $1.12 billion worth, based on the day's low price of less than $75,000.
Increased market volatil...
A rallying yen and the highest Japanese bond yields in 30 years are sending warning signals across global markets, and Bitcoin may not be spared.
This week, Japan’s 30-year bond yield jumped to 2.345%, its highest level since 1994, while the yen rallied to around 153 against the U.S. dollar.
Goldman Sachs analysts led by former Bank of Japan (BOJ) chief economist Akira Otani believe that the bank may be nearing a policy pivot amid the yen’s rally.
If the yen strengthens further toward 130/USD, t...
Decentralized exchange (DEX) KiloEX has suspended operations following a $7.5 million attack, which cybersecurity researchers attributed to a “price oracle exploit.”
KiloEX launched in 2023, built on BNB Chain, opBNB, and Manta Network, and has received seed funding from Binance Labs, which invests in the Binance Coin (BNB) ecosystem.
In a tweet, the DEX reassured users that the exploit has now been contained. KiloEX said it is “working with security partners to trace the flow of funds” and that...
