The second-largest cryptocurrency by market capitalization is currently up almost 6% over the past 24 hours, with ETH trading hands at around $1,980, per CoinGecko.
Liquidation data from Coinglass also suggest that bearish traders were proven wrong too, with Ethereum leading the pack at more than $44 million trades liquidated over the past 24 hours.
Of that sum, roughly 77% of those positions were short.
The successful execution of the Shanghai upgrade finally allowed Ethereum stakers to withdraw their holdings since staking first kicked off in December 2020.
This was the network's biggest upgrade since last September's merge event, when Ethereum moved from a proof-of-work consensus algorithm to a proof-of-stake one.
As a proof-of-stake network, Ethereum taps validators instead of miners to secure the network. To become a validator, users must first deposit (or stake) 32 Ethereum, roughly $63,000 at press time, to the network and maintain a node at all times to earn rewards.
Should that node fail, validators can have that 32 ETH sum slashed as a penalty.
Prior to Shanghai, however, these validators weren't allowed to withdraw from the network nor collect any accumulated awards. This led to widespread speculation that the ability to finally withdraw funds would incite a bearish impulse on the network.
Indeed, as data pulled from Nansen indicates, many validators have indeed made their exit, taking with them their staked Ethereum and rewards as they leave. Over the past 24 hours, there has been a net exit of more than 84,500 ETH.
Circle’s dynamite IPO this week wasn’t just impressive by crypto standards—it outperformed expectations to a degree unrivaled even by America’s most prominent tech companies.
The evening before its Thursday trading debut on the New York Stock Exchange, Circle priced its stock, CRCL, at $31 a share. That represented a mark-up from the lower share prices the firm floated earlier in the week: $26, and then $28. Such last-minute moves are generally indicative of increased investor interest in a comp...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Gemini makes its own IPO move after Circle's explosive debut (and continued rise Friday), while Strategy boosts its Bitcoin buying power.
Twinsies!
Crypto exchange Gemini confirmed that it has filed to go public, within 24 hours of USDC issuer Circle making its euphoric debut on the New York Stock Exchange.
Rumors started making the rounds in February and March that Gemini, which has bee...
USDC issuer Circle, which made its whirlwind of a New York Stock Exchange debut yesterday, has already topped the high it set on Thursday.
Around 1pm ET on Friday, CRCL reached a high of $123.51—just 49 cents shy of fully quadrupling its IPO price. The stock is already trading 44% higher than its $83.23 close at a current price just shy of $120. It's a strong follow after the company tripled its $31 IPO price on its opening day.
As of this writing, the company has reached an intraday market cap...
