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.
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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.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
