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Macroeconomics and financial markets
In the US NY stock market on the 12th, the Dow Jones Industrial Average fell 38 dollars (0.1%) from the previous day, and the Nasdaq Index closed 102 points (0.8%) lower.
US Consumer Price Index (CPI) fell slightly below market expectations of 5.1% in March, prompting buybacks, while the core index, excluding volatile energy and food, was in line with expectations for the same month last year. It remained at a high level of 5.6%.
In the minutes of the U.S. Federal Open Market Committee (FOMC) released later, while many participants lowered their outlook for the terminal rate (the point at which the final interest rate will be reached), in light of the series of U.S. bank failures before the FOMC It exuded anxiety and wariness of recession risks.
connection:US stocks fall Reaction to US March CPI and FOMC minutes | 13th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin rose 0.4% from the previous day to $30,146.
BTC/USD daily
Selling pressure is expected to intensify as it hits a thicker resistance line (upper resistance line), but if it breaks above it, it will shift to the bull market range in 2021, so a medium- to long-term bullish trend change is also in sight. .
Shanghai upgrade completed
Ethereum (ETH) major upgrade “Shanghai (Shapella: Shanghai + Capella)” was implemented through a hard fork around 7:30 Japan time as planned. It will be the first major upgrade since 2022’s The Merge.
Hi Shapella 
Withdrawals have appeared! pic.twitter.com/POqeZwkZJ4
— Etherscan (@etherscan) April 12, 2023
The implementation of Ethereum Improvement Proposal (EIP) 4895 has enabled stakers and validators to withdraw staking deposits and rewards for years to come. It is the first since the staking function of Ethereum (ETH) was introduced in December 2020.
connection:Ethereum “Shapella” completes mainnet implementation
According to Ethereum Explorer “beaconcha.in”, withdrawal requests of 5,400 ETH (equivalent to $10 million) were processed within 30 minutes after the upgrade was completed. There are two withdrawal methods: “Partial Withdrawal”, which withdraws only the accumulated staking reward that has been locked so far, and “Complete Withdrawal”, which unlocks the validator and withdraws every 32 ETH deposit.
According to Glassnode analysis, less than 1%, or an estimated 170,000 ETH, of the cumulative 18 million ETH staked so far will actually be liquidated in the week following the Shanghai upgrade.
The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, enabling the withdrawal of staked #Ethereum.
In this extended edition of the Week On-Chain, we shall evaluate the overall Ethereum staking landscape, develop a framework to establish… pic.twitter.com/EVgsz3s6GG
—glassnode (@glassnode) April 11, 2023
Of the accumulated rewards for staking so far, only about 100,000 ETH (equivalent to 25 billion yen) is expected to be withdrawn and become selling pressure, but the amount of unstaking per day is limited due to withdrawal restrictions.
The time it takes to process a destaking request is determined by the Ethereum protocol, so if it is busy, there may be a time lag of several weeks to a maximum of several months after the application.
In order to meet the needs for immediate liquidity, Coinbase can also operate DeFi (decentralized finance) by wrapping ETH (ETH2) staked on the Coinbase app into cbETH.
Glassnode’s recent average weekly trading volume can absorb even the most negative scenario, where the total cumulative rewards and withdrawalable deposits of up to 1.53 million ETH ($2.93 billion) are all sold in one week. He expressed his view. In that case, the average weekly trading volume may double and the ETH price may fall by about 8.7%, but it is estimated that it will be much lower than the market fluctuation range during the FTX shock.
Glassnode
Following the filing of a lawsuit by the US SEC (Securities and Exchange Commission) and the issuance of a Wells notice, US crypto asset (virtual currency) exchanges Kraken and Coinbase have been forced to terminate their staking services for US customers. It is seen as heading to
connection:What is the withdrawal status and future outlook for Ethereum (ETH) staking rewards?
According to Blockworks Research, Ethereum (ETH) has a market cap of about $230 billion. Daily trading volume reaches about $4.3 billion. As of noon on the 13th, Ethereum (ETH) was up 2.1% from the previous day, surpassing Bitcoin (BTC)’s 0.4% gain.
At the moment, the ETH price has not changed much, and is keeping the recent highs.
ETH/USD daily
Among other stocks, FTX’s exchange token, FTT, jumped 80% from the previous day.
FTT/USD Weekly
The legal team that took over the debt consolidation of FTX, which went bankrupt in November last year, announced that it is expected to submit a business reconstruction plan in anticipation of the resumption of the crypto asset (virtual currency) exchange FTX by July this year. in the background.
FTX’s bankruptcy attorney and new CEO, John Ray, announced in January that the company would form a task force to consider potential reopening as it proceeds to liquidate its assets and sell its business. .
It is not clear whether it will be realized or whether there will be rebranding, and there are voices warning against speculative price movements.
connection:FTX considers reopening of cryptocurrency exchanges
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023
The post Ethereum large-scale upgrade “Shapella” completed, no major fluctuations in the virtual currency market appeared first on Our Bitcoin News.
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