Ethereum developers announced that they are moving forward with a crucial software upgrade that would allow users to withdraw Ether coins used to run the blockchain network during their first online meeting of the year.
The upgrade is anticipated to go live in March, as the developers stated in December. Some important features that many developers wanted to add to the Shanghai update are being deferred to enable token withdrawals as soon as possible.
Shanghai comes after the Merge update, which enabled the network to use staked currencies rather than power-hungry computers to order transactions in September. The modification was dubbed the most ambitious software upgrade ever in that it reduced Ethereum’s power consumption by roughly 99%.
While the price of Ether increased for several months before the Merge, it has since dropped by around 15% along with much of the rest of the cryptocurrency market due to the repercussions of the FTX exchange’s collapse in November. More individuals and institutional investors are anticipated to stake their coins in Shanghai to support the Ethereum network and generate yield.
BTC is displaying weak indications despite starting on a route that is slowly gaining, claims PlanB. In a recent tweet, PlanB, an analyst and the creator of the Stock-to-Flow model, claimed that despite recent advances, Bitcoin is still “weak.”
Relative Strength Index data for bitcoin was used by PlanB to highlight his point. The monthly timeframe BTC RSI on PlanB’s chart is slightly above 40.
Investors have been encouraged by analysts to be patient, emphasizing that everything is a part of the price cycle. The global stockpile of negative-yielding bonds has disappeared as a result of central banks hiking interest rates at a record rate to battle inflation, which makes it less compelling to earn returns from risky alternative assets like cryptocurrency.
According to the Bureau of Labor Statistics’ monthly nonfarm payrolls report released on Friday, the US gained 223,000 jobs in December, which is higher than the 200,000 jobs experts had predicted. This is down from the revised 256,000 jobs added in November. In contrast to predictions that the jobless rate would remain at 3.7%, it decreased by 3.5%.
BTC was recently trading at around $16,964, essentially unchanged over the previous 24 hours as investors considered early 2023 economic statistics that appeared to be at odds with one other and the U.S. central bank’s continuous commitment to raising interest rates for at least the first half of 2023. Ethereum followed a similar trajectory to trade up 1.31% at $1,269.
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