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Glassnode said the estimate was made based on a “50% withdrawal credential update, our segmentation of depositors, and assumptions regarding investor conviction, and profitability” by using wallet behavior, period of staking and presence of liquid staking derivative products, such as Lido. Source
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“We expect 553,650 ETH will be sold. Amortized over 7 days, this amounts to approximately 1% of daily ETH volume (including spot and perpetual futures volume) of selling per day for a week,” analysts at Galaxy Digital said in a note published early this month. “Depending on the risk environment
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“Allowing withdrawals, boosted by the recent popularity of liquid staking platforms, will make ETH staking much more accessible to retail investors who were previously unwilling to stake ETH for an undetermined amount of time,” said Chen Zhuling, CEO at staking service RockX, in a note to CryptoX earlier this week. Source
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Among other digital tokens, Solana’s SOL surged over 12% to trade around $23.2, while ETC, the token of Ethereum Classic, an offshoot, or fork, of Ethereum, gained over 4% to change hands at $21.6. The CryptoX Market Index, which measures overall crypto market performance, was up 2.3% for the day. Source
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"BTC got the store-of-value narrative back after multiple U.S. banks failed in mid-March. Since then, BTC's dominance rate has been rising," Dubai-based crypto analyst and trader Reetika Malik said. Dominance rate is now at a "multiyear resistance" that has capped the upside in the past, meaning ether and other coins
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The upgrade may not shift the second largest cryptocurrency’s price immediately, but it may in time unlock a new group of investors, Brian Mosoff, said. Source
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‘White hat’ hackers are working to recover more of the stolen funds as of Monday. Source
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The latest price moves in bitcoin (BTC) and crypto markets in context for April 10, 2023. First Mover is CryptoX’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
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“The market leader has traded in a very tight range in the last week, barely moving much. Such consolidation, along with lowering volume, could indicate that a sharp move is around the corner,” Joe DiPasquale, CEO of BitBull Capital, said in a note to CryptoX. Source
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Dogecoin is apparently spiking because people believe that Elon Musk could soon integrate a permanent dogecoin payment system on Twitter, the microblogging platform he overpaid for ($43 billion). Twitter has several million daily active users, many of them high-profile, and if even just a small percentage begin transacting in DOGE
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