This is dangerously close to a new all-time high—Ethereum last broke the record, $1,432, on January 13, 2018.
The rest of the market is also performing well. The global crypto market cap surpassed $1 trillion for the first time earlier this week thanks to the success of Bitcoin, which sits at around $40,800 as of this writing. The price of Bitcoin has risen by almost 25% this week.
Why the rise? Why any rise?
Much ado was made about a supposed claim from an Ethereum whale for a long position of over $1 billion on Bitfinex. Claiming a long position on Bitfinex means to pay off all loans initially taken out to increase exposure to ETH, and to keep holding the asset.
Some onlookers thought that this means that the whale, whose sudden dump could hurt the market, intends to keep their ETH because they expect the bull run to continue.
~1.4MM ETH ($1.7B) long claimed on BitFinex. Was being built since Feb-March. Majority of the size was put on sub $200, over $1B in pnl.
Interesting time to close 1 month before CME futures and launch and below ATH but at $1200 level of interest. pic.twitter.com/ZUMmHyGvoq
Glauber Contessoto rose to crypto fame in 2021 when he became what was believed to be the first “Dogecoin Millionaire”—a title he wore proudly. Now, four years later, he’s claimed the title of “Pepe Millionaire,” while his DOGE stash has dipped slightly below that milestone level.
Across six wallets shared and verified with Decrypt, Contessoto now owns approximately $1.116 million of the Ethereum meme coin PEPE.
This is in addition to his Dogecoin stash that he has become famous for. Contessoto...
America's biggest crypto exchange Coinbase introduced two new "wrapped" tokens this week, allowing traders to use XRP and Dogecoin on DeFi protocols.
By introducing cbDOGE and cbXRP, Coinbase is hoping to address surging demand for cross-chain functionality in the complex DeFi world, the company and industry observers told Decrypt.
The exchange is making the new offerings available on its own Ethereum layer-2 Base network.
Coinbase holds 1:1 reserves of the underlying assets that back Coinbas...
A month after the Pectra upgrade, key indicators on Ethereum have begun to reveal the promise and pitfalls of the network's most ambitious technical overhaul since the 2022 "merge."
One of the major features that the Pectra upgrade brought was expanding the Ethereum blockchain's capacity for handling "blobs," which are units of "ephemeral data storage," helping keep larger amounts of it on the consensus layer, according to a definition from the Protocol developer team.
A blob is a dedicated data...
