The Ethereum network has been making headlines with its upcoming Shanghai upgrade, which marks the conclusion of the two-year transition to proof of stake.
This transition is set to unlock over 18 million Ethereum (ETH) worth roughly $34 billion. As a result, investors are understandably uneasy about the potential impact on the price of ETH, Bitcoin (BTC), and Big Eyes Coin (BIG). Let's explore this topic below.
The Ethereum Shanghai upgrade is expected to deliver technical enhancements to the network and enable staking withdrawals, completing the two-year shift to proof of stake. However, the distribution of roughly 18 million ETH worth $34 billion to validators following the upgrade has generated investor concerns about the impact on the price of the second-largest cryptocurrency by market cap.
While the withdrawal queue only allows a limited number of daily requests, analysts believe the short-term pricing impact will be less severe than anticipated.
Through liquid staking services like Lido, traders have had access to staked ETH even before the Shanghai upgrade. Since the market has already factored in the potential effects of the upgrade, some experts think that Ethereum's long-term outlook will become more optimistic. A day following its debut, Ethereum saw a 2.95% increase in price, reaching a trading price of $1,985.98 and a market worth of $239.22 billion.
Furthermore, it is anticipated that the growing competition in cryptocurrency custody will result in more ETH being locked up and a possible long-term price increase due to the increased interest of significant institutions like JPMorgan Chase and Standard Chartered.
According to new data, the progress of the current Bitcoin halving cycle is comparable to that of other cycles, with BTC price swings also following this trend.
BTC was up 0.72% on Thursday — which the Shapella upgrade may also have something to do about — analysts are already considering the impact of the block subsidy halving scheduled for next year. It is anticipated to reduce the amount of Bitcoin miners that can create every block.
BTC/USD has increased by almost 70% in 2023. This imminent halving is projected to be a stimulus for all-time highs in Bitcoin's price, as in earlier cycles.
Big Eyes Coin, a newly launched feline-inspired cryptocurrency, has raised an impressive $33.6 million in presale amid the Ethereum Shanghai upgrade.
The Big Eyes Coin platform offers various exciting features, such as the BIG COMP, a contest that awarded two winners with $100K. The platform also has the Big Eyes Excali-Paw Chest, which could give you up to $1 million in $BIG, and the BIG Loot and Mintable trading cards available on OpenSea. Additionally, there's the recently launched Stage 13, which is another exciting feature for investors.
Big Eyes Coin is a unique cryptocurrency that values its investors and provides them with exclusive experiences. While its price is still at $BIG 1891.89, token holders see a massive potential for the asset, which is expected to shoot up once it hits the blockchain.
As the cryptocurrency market continues to heat up, having a well-diversified portfolio of assets is crucial. While Bitcoin (BTC) and Ethereum (ETH) are now viewed as commodities, it's only a matter of time before Big Eyes Coin (BIG) joins their ranks as a valuable asset with the potential for solid returns.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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