Ethereum’s Shapella Upgrade Activated, Over 860K ETH Poised for Withdrawal, Price Surges 6%
The long-awaited Shapella upgrade of the Ethereum network finally took effect on April 12, 2023, at 6:30 p.m. Eastern Time. The upgrade enables validators to withdraw staked ether, and data reveals that over 860,000 ether is poised for unlocking, with 77,000 ether expected to be withdrawn on Thursday. Within 24 hours, ether’s price surged, rising 6% against the U.S. dollar.
Economist Harry Dent Warns of Massive Crash by Mid-June
Harry Dent, an economist and author of several best-selling books, has predicted that the biggest crash in our lifetime will hit between now and mid-June. He emphasized that the crash would not be a big correction, but rather a major crash, unlike anything seen before.
US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’
The US banking industry is still struggling after the collapse of three major banks. Bank lending in the US has dropped by close to $105 billion in the last two weeks of March, the largest decline on record. Elon Musk, a Tesla executive and owner of Twitter, recently commented on trillions of dollars being withdrawn from banks into money market funds, and he insists that the “trend will accelerate.”
US Dollar’s Value in Question, Investment Manager Warns of Potential Loss
Investment manager Larry Lepard has warned that the US dollar could lose most of its value within five to 10 years. Following the onset of the Russia-Ukraine war, the US seized $600 billion of Russian currency reserves, sending a message to every other country in the world that the US could grab their money if they did not like what they were doing.
Bitcoin.com News Week in Review
This week’s news has been dominated by the activation of Ethereum’s Shapella upgrade, which has led to a surge in ether’s price. Meanwhile, economist Harry Dent has warned of a massive crash, US bank lending has plummeted, and the US dollar’s value is in question. Elon Musk has also commented on the trillions of dollars being withdrawn from banks into money market funds.
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