Ethereum Shanghai Upgrade ☄️, Crypto Winter Thawing 🧊 , Pop/drop? Bitcoin 🌬
Daily Crypto, Blockchain & Web3 Update 2023-04-11
Cryptocurrency
How the Ethereum Shanghai Upgrade Could Impact the Price of ETH (4 min read)
With the launch of the Shanghai upgrade on April 12, Ethereum's two-year transition to proof of stake will be complete this week. The only thing that matters to Ethereum traders is staking withdrawals, as more than 18 million ETH, or about $34 billion, will soon be made available to validators after being locked up on the Ethereum network.
Matthew Niemerg, co-founder of privacy-enhancing blockchain network Aleph Zero said: “It’s 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”.
Japanese Political Faction Signals Potential Thaw in Crypto Winter (2 min read)
Leaders in the Japanese government have released a white paper promoting crypto-friendly initiatives, aiming to create an inviting environment for cryptocurrency innovation. The paper recommends policy changes, including tax reforms, improved accounting practices, and the introduction of a new DAO law to foster a Web3-friendly environment.
It emphasizes that Japan's experience in the cryptocurrency industry puts it in a strong position to lead global discussions about the potential of Web3 and drive digital asset handling practices.
‘Pop or drop?’ Bitcoin analysts decide if BTC price will beat $30K (3 min read)
Data from Cointelegraph Markets Pro and TradingView shows a cool start to the macro trading week, with $28,200 currently forming a focus.
Financial information resource Stockmoney Lizards meanwhile believes that the overwhelmingly likely outcome of the current rangebound period is “up.” In its latest chart prediction, it highlighted BTC/USD making a series of higher lows while preserving the same cloud of resistance near $30,000. This, it believes, will result in bulls winning out as Bitcoin arrives at a “decision point.”
Fortune debuts ‘Crypto 40’; Ethereum takes top honors for protocol category (3 min read)
Per an article announcing the index, Fortune claims the Crypto 40 is a “definitive list of the most important crypto companies.” An accompanying link describing the methodology goes on to state that the Crypto 40 was designed to highlight the organizations and their technology, as opposed to the popularity of the individuals and teams driving them.
The Fortune Crypto 40 is divided into 8 distinct categories: TradFi, CeFi, NFTs, Venture Capital, Data and Analytics Companies, Infrastructure Firms, Blockchain Protocol Firms and DeFi.
Bitcoin’s Energy Transparency Is a Double-Edged Sword: Hut 8 Mining CEO (3 min read)
Conversations surrounding Bitcoin’s sustainability often touch on how much power the network consumes. Critics like Massachusetts Senator Elizabeth Warren have slammed Bitcoin mining as a contributor to the climate crisis.
“It’s easy to see how much energy is used by Bitcoin miners because it’s publicly available information,” Hut 8 Mining CEO Jaime Leverton said. “Whereas, you can’t see how much energy is used by the traditional fiat banking system or by hard metal mining.”
SushiSwap Smart Contract Bug Exploited in $3.3 Million Theft (2 min read)
Over the weekend, SushiSwap suffered an exploit, resulting in a loss of over $3.3 million. The exploit was derived from a bug in the RouterProcessor2 contract. Users who approved the bad contract in the preceding 4-5 days inadvertently opened the door for any exploiter to steal these approved tokens.
Separate analysis by Binance-backed cybersecurity firm Ancilia determined that the flaw was the failure to validate access permissions halfway through a swap transaction. The firm also found the vulnerable contract on the Polygon network.
Coinbase Will integrate the Bitcoin Lightning Network, Says CEO Brian Armstrong (2 minute read)
Coinbase CEO Brian Armstrong nonchalantly revealed plans to integrate Bitcoin's Lightning Network into the platform at some point. This L2 solution offers faster transaction speeds and lower fees, addressing Bitcoin's scalability issues.
Bitcoin proponents respond to New York Times’ BTC mining report (3 min read)
The New York Times’ latest report on Bitcoin mining, titled “The Real-World Costs of the Digital Race for Bitcoin,” has irked many BTC proponents, some of whom took to Twitter to call out certain aspects of the report, including saying it was “cherry-picking” data.
Pierre Rochard, vice president of research at BTC mining firm Riot, accused the NYT of using “fictitious fractional-reserve carbon accounting” and “cooking the books to fabricate emissions.”
NFTs
Proof Launches Exclusive NFT Collection for Moonbirds Holders (3 min read)
The 10,000 digital works in the new collection, "Moonbirds: Diamond Exhibition," were made by 22 artists, including Beeple. However, those works will only be accessible to Moonbirds holders who have attained Diamond Nest status by long-term staking their NFTs with the company.
The nesting function of Moonbirds encourages owners to lock up their NFTs rather than list or sell them. More benefits and rewards, like the "Diamond Exhibition," are made available to a holder the longer a Moonbird is nestled in their wallet.