Bitcoin and ether remained mostly unaffected by the release of the Ethereum Shanghai upgrade and inflation data. The largest cryptocurrency by market capitalization, Bitcoin, was trading at approximately $29,900, down by almost 1% over the past 24 hours. Meanwhile, Ether, the second-largest crypto in market value, was hovering around $1,905, up by nearly 1%. Despite the highly anticipated Ethereum “hard fork,” which is part of the platform’s transformation from a proof-of-work to a faster, more efficient proof-of-stake protocol, neither crypto reacted strongly to Wednesday’s events.
Many investors were expecting both cryptos to respond more significantly to the recent events. However, the lack of response could indicate that the profile of investors in the Ethereum ecosystem tends to be larger-scale and more institutional-grade. Retail investors, who typically sell during a recession, have not been quick to sell, suggesting a long-term focus. The CoinDesk Market Index, a measure of crypto markets overall performance, was recently down by approximately 0.5%.
Gold continued to hold strongly over $2,039, near its all-time high, as investors look toward assets that hold their value. Konstantin Boyko-Romanovsky, CEO at non-custodial platform Allnodes, expressed an optimistic outlook about Ethereum’s future. He said, “With previously locked ETH becoming available again, it could lead to a rise in the staking ratio, increased liquidity, and potentially higher prices… Early stakers will be able to reinvest their staking rewards. At the same time, removing uncertainty related to undetermined ETH lock-up periods will likely generate more interest in staking among retail and institutional participants.”
Investors tracking Bitcoin’s price path might want to monitor larger unique wallet addresses holding significant amounts of crypto. The number of wallets holding between one and 99 BTC, those with more than 10,000 BTC, and those holding between 100 and 9,999 BTC has been growing since January. Whales holding at least 10,000 bitcoins have been willing to pivot quickly, entering and exiting positions, taking profits at short-term peaks, and retreating as the price retraces. Investors on the precipice of 10,000 BTC may be optimistic, locked into the asset and increasing their exposure, ready to move into a higher tier.
NFT NYC 2023 and Web3 Festival 2023 (Hong Kong) are among the important upcoming events. The United States IMF Meeting and CoinDesk TV are also notable events.
In conclusion, Bitcoin and Ether remained mostly flat after the Ethereum Shanghai upgrade and inflation data. Investors tracking Bitcoin’s price path might want to monitor larger unique wallet addresses holding significant amounts of crypto. Meanwhile, the upcoming NFT NYC 2023 and Web3 Festival 2023 (Hong Kong) are crucial events for the crypto industry.
