2 minute read
Anticipation grows as Shanghai upgrade nears
by cityam
BITCOIN’Sprice started to slip this week, after a strong start to the year that’s seen the market leader clamber kicking and screaming to highs not seen since the heady preFTX collapse days of last Summer.
Bitcoin’s failure to push past $25k has seen it slip a further one per cent over the past seven days, with the largest cryptocurrency by total value mostly changing hands for just above $23,500 since the beginning of the week. Elsewhere, Ethereum has performed marginally better, dropping just two per cent since this time last week to $1,650.
It’s an exciting time for Ethereum, with developers preparing for the next stage towards the Shanghai Upgrade this month. The update will allow people who stake Ethereum to withdraw it, which is expected to see a significant increase in the amount being staked and therefore a stronger network.
The flat performance also follows last week’s Personal Consumption Expenditures reading - a key indicator of US inflation - which came in higher than expected. The numbers increased expectations for the March 22 FOMC press conference, with the odds for a 50bps hike growing.
Despite the last few months, crypto fans will have drawn comfort this week from recent research that suggested people are still interested in crypto. A recent Morning Consult poll of 2,200 people in the US found that 20 per cent owned some form of cryptocurrency, which has remained consistent each quarter since 2022. 67 per cent of respondents agreed that the global financial system is in need of an overhaul.
“Universally, Americans are frustrated by the inequality in the financial system and are hungry for change. Crypto investors and younger cohorts of Americans still believe that crypto is a worthwhile investment in the future that can lead to societal benefits,” the authors noted.
Limited Tickets Available For Spring Awakening
ONLY 100 tickets will be available for purchase to attend the Crypto AM Spring Awakening at the end of the month.
The event – the first of Crypto AM’s series of prominent gatherings across 2023 – will be held at The Mansion House, official residence of the Lord Mayor London, on Thursday March 30. The theme of the Spring Awakening will be the ‘State of the Union of Crypto in the UK’, culminating in a prestigious three-course networking lunch in the magnificent surroundings of the historic Egyptian Hall. Tickets, priced £120, can be purchased by visiting https://www.cityam.com/cryptospring-awakening/.
Ftx Director Pleads
Guilty To Six Charges
THE former Director of Engineering at collapsed crypto exchange FTX – Nishad Singh – this week entered a guilty plea to a slew of criminal charges in the US. Singh pleaded guilty to three counts of conspiracy to commit fraud, one count of conspiracy to commit money laundering, one count of wire fraud, and one count of conspiracy to defraud the United States by violating campaign finance laws. The 27-year-old answered the charges on Tuesday and agreed to cooperate with prosecutors as they continue their investigation into the dealings of FTX founder Sam Bankman-Fried.
Riding A Wave Of Change
AWARD-winning digital asset investment management company Wave Financial has officially changed its name to Wave Digital Assets.
Founded in 2018 with bases in Los Angeles and London, Wave quickly became the first SEC recognised registered investment advisor exclusively for digital assets, handling approximately $1 billion of assets under management.
On the rebranding, David Siemer, co-founder and CEO said: “Wave is successfully navigating the current ‘Crypto Winter’ and has been a beneficiary of recent market conditions, following a volatile 2022 in the digital asset space. Having made our first acquisition in Europe recently, we are in advanced talks for further M&A activity.”
Fetch Bringing
Gains In A Flat Week
DESPITE a week of largely sideways movement in the cryptocurrency markets, machine learning crypto platform Fetch.ai has produced an impressive upside performance. The Cambridge-based company has seen a remarkable 70 per cent uplift in the value of its FET token over the last month as it recorded a 17 per cent rise this week to $0.48, rounding off a 12-month upward curve of 35 per cent. Last night, FET’s 24-hour trading volume was up by more than 12 per cent at $189.2m as Fetch.ai’s market cap reached $393m.
EDITED BY ELENA SINISCALCO
