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Major coins traded in the green on Monday evening, signaling a surge in investor optimism.

What Happened: Bitcoin BTC/USD, the worlds largest cryptocurrency by market capitalization has now surged past $30,000 This marks the highest level seen since early June, reflecting a broader rally in cryptocurrencies that began at the start of the year.

A growing number of bank runs have raised concerns about the reliability of centralized banking options, causing a surge of interest in cryptocurrencies. Since the beginning of 2023 alone, Bitcoin has gained 79%, with Ethereum ETH/USD following close behind with a growth of 59%.

At the time of writing, the global crypto market capitalization stood at $1.23 trillion, an increase of 3.85% over the last day.

Despite minor fluctuations, U.S. stocks ended the day relatively stable, with the S&P 500 seeing modest gains of 0.10%, while the Nasdaq Composite experienced a slight dip of 0.03%.

Meanwhile, investors in the crypto sector had reason to celebrate as leading companies, including Coinbase COIN and MicroStrategy MSTR, experienced significant increases of over 7.5%.This upcoming week, markets will be closely watching for the March Consumer Price Index report, eager for any indications of inflation continuing its recent downward trend.

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News Highlights: Investors are closely monitoring Ethereums upcoming Shanghai upgrade, which is expected to take place on April 12. This event is being seen as potentially bearish for crypto markets since it will allow users to unlock staked ether and sell it in the open market.

Analyst Notes: Edward Moya, senior market analyst at OANDA said, "Despite broad weakness across most risky assets, Bitcoin continues to hover above the $28,000 level. It seems Bitcoin Hodlers remain unfazed that the Fed will likely deliver one more rate hike and that the US economy is headed towards a recession this year. It seems many traders are convinced the dollar's days are numbered as it will slowly lose some of that preferred reserve currency status and that crypto will be one of the beneficiaries.

It is somewhat impressive that Bitcoin is slightly higher on a day that has stocks, oil, gold, and high-beta currencies all down around a half a percentage point. Bitcoin's ceiling remains at the $30,000 level and how it behaves once it trades north of it will determine if the next major bull phase is upon us, he added.

Data analytics platform Santiment, has identified a potential catalyst for the recent Bitcoin price pump. While there is no guarantee as to what caused the jump in price, Santiment has highlighted a group of 11 Bitcoin transactions that occurred today, with all transactions identical in size at 2,000 BTC, and all going to brand new addresses. These 11 massive Bitcoin transactions are believed to be a significant contributor to the recent rise to the celebratory level of $30k.

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Bitcoin Hits $30K, Ethereum, Dogecoin Rise On Investor Optimism - MicroStrategy (NASDAQ:MSTR), Coinbase Glb ... - Benzinga

Ethereum will conclude its two-year transition to proof of stake this week with the launch of the Shanghai upgrade on April 12. The move will introduce a number of technical improvements to the network, but most Ethereum traders only care about one thing: staking withdrawals.

With more than 18 million ETHworth roughly $34 billionlocked up on the Ethereum network set to finally become available to validators, investors are understandably uneasy about what this might mean for the price of the second-largest cryptocurrency by market cap.

Andrew Thurman, a data analyst at Nansen, told Decrypt that in his view price impact in the short-term, however, will be a little bit more muted than community expectations suggest.

Also known by its consensus name Capella, Shanghai ends the two-year lockup period on staked ETH and its corresponding rewards. If all goes well, Ethereum stakers will be able to begin sending withdrawal requests to the network immediately after Shanghai goes livebut that doesnt mean users will receive the funds on day one. Because of the anticipated length of the withdrawal queue, holders may have to wait weeks to months to retrieve their assets.

With many speculating whether this event will cause a massive sell-off in price, its important to realize that the withdrawal queue only allows a limited set of requests per day (115,200), Guilhem Chaumont, CEO and co-founder of Flowdesk, said in a statement shared with Decrypt. So while there may be sustained downward pressure on the price, unstaking is not likely to cause a sharp, sudden dip.

Individual stakers, those who were able to pony up at least 32 ETH (worth approximately $60,000 at todays prices) themselves, can expect to wait at least two to three days to have withdrawal requests processed, Ethereum developers previously explained to Decrypt. Those staking through pools and other service providers, such as Lido or crypto exchanges like Coinbase, may have to wait several weeks or even months to withdraw their funds.

And besides the wait times, others point out that the availability of liquid staking services such as Lido means that traders who have wanted the ability to trade staked ETH have been able to do so even before Shanghai.

Most people have been able to sell [staked ETH] for quite some time, because the majority of ETH is being staked through platforms with liquid staking tokens, like Lido or Rocket Pool, Jacob Cantele, head of product at Ethereum layer-2 Mantle, previously told Decrypt. So I don't actually think [Shanghai] represents a major shift in the economics of Ethereum.

Matthew Niemerg, co-founder of privacy-enhancing blockchain network Aleph Zero, concurs: To be more direct, it's priced in, he said.

It is entirely possible that there will be more people willing to stake ETH (locking up liquidity and reducing the available supply) after the upgrade, as people will be more certain that they can safely unstake their ETH," said Niemerg.

Nansens Thurman believes that while the short-term price action may be lackluster, Shanghai may give Ethereum investors reason to be more bullish in the long term.

It's gonna take a while for people to really understand what the dynamics are regarding whether or not this is a bullish or bearish action in the short to medium term, he said. I will say, though, that on a long enough time horizon, it's really difficult to come up with a thesis that isn't wildly bullish.

Thurman argues that the reason for this is the enhanced business use-case for crypto custody. In recent years, major banks including JPMorgan Chase, Standard Chartered, and CACEIS have increasingly shown interest in cryptocurrency custody, a service which refers to the safekeeping and management of securities or financial assets on behalf of consumer clients.

Custody is going to get much more competitive, Thurman told Decrypt, because suddenly you can custody ETH as a bank, or as one of these solutions, for low to no fees. I think thats going to lead to a lot of locked up [ETH]. And of course, that's going to be great for the price in the long run, he said.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Originally posted here:

How the Ethereum Shanghai Upgrade Could Impact the Price of ETH - Decrypt

A 689 Ether (ETH) reward worth $1.28 million has been paid from a single Maximal Extractable Value (MEV)-boost relay block on the Ethereum Beacon Chain in one of the largest rewards in recent months.

Ethereum liquid staking solution Lido was paid the reward from block number 17007842 on the Beacon Chain, which was finalized on April 9, containing 47 transactions, and built by beaverbuild.org, according to transaction data.

The reward almost matched Lidos most recent high of 691 Ether on March 20.

The figure raised the eyebrows of Martin Kppelmann, the co-founder and CEO of Ethereum-based infrastructure platform Gnosis, who suggested Ethereum users should use a service like MEV Blocker to prevent their transactions from being exploited.

According to MEV Blocker, MEV bots have extracted more than $1.38 billion from Ethereum users attempting to trade, provide liquidity and mint nonfungible tokens (NFTs).

These centralized MEV-boost relays are able to extract value by aggregating blocks from multiple builders to select the one with the highest fees.

One of the most commonMEV exploits is the sandwich attack, which occurs when an attacker places a large trade on either side of a targets transaction, manipulating the price and profiting from the price change.

Related: ETH staking on top exchanges contributes to Ethereum censorship: Data

MEV-boost relays stem from the concept of proposer-builder separation, which was introduced by the Ethereum research organization Flashbots in 2021 in the lead-up to Ethereums transition to proof-of-stake in September 2022.

Separating the role of proposers from block builders is intended to promote more competition at the consensus level, further decentralize the Ethereum network and strengthen censorship resistance.

However, Ethereum has encountered several censorship issues since the Merge took place, namely compliance with standards laid down by the Office of Foreign Assets Control (OFAC), although the number of compliant blocks has since fallen.

There are currently 10 active relays, with Flashbots responsible for relaying more than 50% of the MEV-boost blocks since MEV was introduced in 2021, according to MEVBoost.org.

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Read more from the original source:

Ethereum validator cashes in 689 ETH from MEV-Boost relay - Cointelegraph

Ethereum (ETH) is predicted to have a major breakout, as the coin demonstrated impressive strength at a support level. Analysts suggest that this may indicate the start of an Altcoin Season. To help investors make the most out of this trend, a list of recommended coins to invest in has been compiled, including Binance, Cardano, and the up-and-coming Big Eyes Coin (BIG), which recently moved up its launch date.

According to crypto analysts, Ethereum (ETH) is predicted to experience a significant breakout, given its recent strength in holding the crucial support level between $1700 and $1780. Additionally, 1.4 million addresses bought 6.48 million ETH during this time, indicating a growing interest in the asset. With the support level in place, there is no resistance to further increase in Ethereums value.

Moreover, Ethereums prices have successfully flipped on its Bitcoin daily chart, showing oversold conditions against Bitcoin after eight months of lows. The last time this happened, Ethereum reached new highs on the ETH/BTC Chart, indicating that Ethereum is likely to make a prolonged comeback. With these developments, analysts believe that Ethereum is on track for a notable surge.

As Ethereum (ETH) shows incredible strength against Bitcoin, the crypto market could see a potential surge in Altcoin Season, according to crypto analyst Miles Deutscher.

With so many altcoins to choose from, investors may feel overwhelmed. However, there are a few altcoins worth keeping an eye on, including Binance (BNB) and Cardano (ADA).

Binance (BNB) is a leading contender for investors this alt season as it is used for transaction fees and trading on the Binance exchange. Moreover, Binance has added new services, such as the Binance Smart Chain and an NFT marketplace. Its impressive track record of evolution and adaptability in the market further enhances its utility.

Cardano (ADA) stands out with its Ouroboros proof-of-stake model, which makes it an open-source blockchain that is secure, scalable, and efficient. In addition, Cardano offers solutions for common issues faced by other cryptocurrencies, such as voter fraud, rule adherence, and interoperability, adding to its reliability and potential success in the upcoming season.

Big Eyes Coin (BIG) has had an incredible presale run, generating a lot of buzz in the crypto community. The presale has raised an impressive 32.5 Million, and it shows no signs of stopping soon.

The coins features include loot boxes that guarantee amplified returns, a Token Card Collection that can be minted as NFTs, a tax bar within the ecosystem, and 80% supply availability on launch day. Furthermore, 5% of the total supply is set to be donated to organisations working towards cleaning oceans.

BIG investors and community members are in for a surprise, as the coin has just announced a special offer as a gesture of gratitude for being a member of the community. Users who buy using BIG, Loot Box, or other options will receive a 250% bonus by using the code BULLRUN250.

As Ethereum prepares to break out, the altcoin market is poised to flourish, marking the beginning of the Alt Season. Coins such as Big Eyes Coin demonstrate that they can be a smart investment choice for investors, as they can offer significant returns to the community.

Find out more about Big Eyes Coin (BIG): Presale: https://buy.bigeyes.space/Website: https://bigeyes.space/Telegram: https://t.me/BIGEYESOFFICIAL

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Alt Season Approaching: Ethereum To Lead The Way, Big Eyes Coin, Binance, And Cardano Offer Investment - Bitcoinist

A new protocol that allows Ethereum validators and stakers to re-stake their assets onto other emerging networks has just launched on testnet.

The mainnet launch of the EigenLayer protocol is not expected until Q3, however, and testing will be phased in three stages to onboard various participants into the ecosystem. The first stage is using Ethereums Goerli testing network.

The project has some serious backing and announced $50 million in a Series A funding round in late March led by crypto venture firm Blockchain Capital, along with Coinbase Ventures, Polychain Capital, Electric Capital and Finality Capital Partner.

EigenLayer aims to become a decentralized marketplace for Ethereum node operators and validators to earn fees on additional services. It allows them to restake assets they received in exchange for staking Ether on platforms such as Lido (stETH) and RocketPool (rETH). The assets can be reused to validate and secure other networks, such as sidechains or non-EVM blockchains.

According to the white paper, EigenLayer also has plans to enable restaking for ETH withdrawn from the Beacon Chain following the Shapella upgrade.

The protocol aims to address issues with validator economic incentives. EigenLayer founder Sreeram Kannan said that facilitating the moving and re-staking of ETH onto other networks would incentivize validators and stakers with additional yields and allow smaller networks to grow securely.

In late March, Ethereum co-founder Joseph Lubin saidthat [t]he Eigen Labs team is at the forefront of some of the most exciting work happening in Ethereum.

Related: MetaMask Institutional unlocks solo ETH staking marketplace

Eigenlayer is a new paradigm for fostering protocol-centric innovation through a programmatic, decentralized trust marketplace, he added. High praise, but its worth noting that Lubins Ethereal Ventures fund has invested in EigenLayer.

There are currently 17.9 million ETH staked on the Beacon Chain, according to the Ultrasound.Moneytracker. At current prices, this is valued at around $33.6 billion, which is more than the entire market capitalization of USDC. It represents almost 15% of the entire Ethereum supply.

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See the article here:

Ethereum re-staking protocol EigenLayer launches on testnet - Cointelegraph