ethereum: Crypto week at a Glance: Volatility persists, Ethereum upgrade deferred

Synopsis

The massive software upgrade of Ethereum, known as the “the Merge,” won’t happen in June 2022, according to Ethereum developer Tim Beiko. On April 11, Beiko tweeted that “the Merge” won’t happen in June. He followed up with another tweet on April 12, saying it would take a few more months.

Bitcoin remained below the $40,000-mark for majority of the week, falling 2 per cent in the last 7 days. This decline in price was due to several factors such as rising inflation, geopolitical crises, and change in monetary policy.

This continues to drive extra short-term volatility in the crypto and stock markets. The crypto market has tracked the stock market in recent months. This makes it more intertwined with global economic factors.

Bitcoin’s high point remained in the early days of January, when it hit almost $48,000 on January 2. So far, Bitcoin has stayed above its late January low point below $34,000.
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This was the lowest it had been in the previous six months. Since November 10, Bitcoin had lost more than 40 per cent of its value when it reached an all-time high of $68,000.

Even though the price of Bitcoin has seen massive volatility since November 2021, its new highs in 2021 and current price are an impressive feat considering the fact that its price was below $10,000 in July 2020.

Coinbase launches NFT marketplace.
NFT enthusiasts worldwide have an essential marketplace for trading their digital collectables. Coinbase, the latest crypto exchange in the USA, has recently launched its personal NFT marketplace in beta mode.

In this timeframe, a small set of beta testers would be allowed to create a Coinbase profile to purchase and sell NFTs by using a wallet. There won’t be any transaction fees. However, the platform would eventually add fees. This would be aligned with Web3 industry standards.

Ethereum upgrade delayed
The massive software upgrade of Ethereum, known as the “the Merge,” won’t happen in June 2022, according to Ethereum developer Tim Beiko. On April 11, Beiko tweeted that “the Merge” won’t happen in June. He followed up with another tweet on April 12, saying it would take a few more months.

The shift from proof-of-work to proof-of-stake will also result in a swift change in how transactions on Ethereum are ordered. This will make it much more sustainable and efficient for widespread use.

Blockchain.com may go public
It is reported that cryptocurrency exchange Blockchain.com is interviewing banks for an initial public offering (IPO). According to a report by Bloomberg, it may even go public soon this year.

Blockchain.com recently reached a total valuation of $14 billion. The Dallas Cowboys also picked Blockchain.com for the NFL’s first crypto sponsorship. As per the report, the IPO would not happen till 2023, and its plans may well change in the future.

Crackdown on illegal digital currency deals
The US secret service has a crack down on illegal digital currency transactions. According to a report by CNBC, the agency has captured more than $102 million in illicit crypto assets since 2015.

In an interview conducted by CNBC, David Smith, assistant director of investigations, said the agency tracks cryptocurrency transactions on the blockchain, similar to conventional surveillance.

Top crypto gainers and losers this week as of 24 April 2022, 12.00 noon only

Gainers for this week
1. ApeCoin ( E): 41% up
2. Stepn (GMT): 32% up
3. Kava (KAVA): 22% up
4. Curve DAO Token (CRV): 18% up
5. Ox (ZRX): 16% up

Losers for this week
1. Waves (WAVES): 13% down
2. Helium (HNT): 13% down
3. Moonbeam (GLMR): 13% down
4. Filecoin (FIL): 9% down
5. Compound (COMP): 9% down

(Note: Analysis includes top 100 cryptocurrencies only. Source: Coinmarketcap)

(The author Pratik Gauri is Founder & CEO, 5ire).
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Bought onCurrent Value Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Updated: 04/24/2022 — 05:00