The majority in OKX's survey expects ETH to peak at over $5K by year-end.
Bybit and ConsenSys in March launched projects that can benefit from the upgrade.
Positive momentum is building up
for the upcoming upgrade to Ethereum, a decentralized blockchain with smart
contract functionality, a survey by OKX, a Seychelles-based cryptocurrency exchange, has identified.
The two-part Shanghai-Capella
event, which has been dubbed the ‘Shapella’ upgrade, is now scheduled for April 12. The upgrade is
expected to enable users on Ethereum to withdraw their staked ether (ETH), the
native cryptocurrency of the platform.
The upgrade comes eight months
after the Ethereum Merge, which was a hard fork of the blockchain that switched the
platform’s consensus mechanism from proof-of-work to proof-of-stake (PoS) system. However, investors have been participating in ETH
staking on Beacon Chain since December 2020. The Beacon Chain, which is a PoS blockchain launched on Ethereum, was later merged with the Ethereum Mainnet in September last year.
The expected Shapella upgrade, which was initially scheduled for last month, means that investors will be able to
finally withdraw their staked ETH. And, OKX’s survey found that the majority (83%)
of the Ethereum community expects that more ETH will be staked in the next
three months, suggesting a positive perception or acceptance of the development.
$5K+ for ETH by End of 2023
OKX's findings
are based on a survey of 700 ETH traders, investors and network developers
between March 1-5, 2023, at the ETH Denver Conference.
CoinMarketCap’s latest data
shows that the price of ETH as of April 7, 2023, stood at over $1,850,
rising from a little over $1,800 seven days ago. However, the majority (63%) of respondents
in OKX’s survey expect ETH to peak at over USD$5,000 by year-end.
Furthermore, another majority
(79%) expects the price of ETH to react differently to the Shapella upgrade than it did to the Merge. From this majority, 59% believe the price of ETH
will keep increasing before and after the upgrade. On the other hand, under a
quarter (20%) of them expects the ETH price to move sideways.
“Thirty-three percent of
respondents think ETH will be over its current six-month high of USD2,000 in
June 2023, but still below its 12-month high of USD3,000. [Another] 34% of
those surveyed predict ETH at below $2,000, while 33% believe it will be at
least $3,100 by June 2023,” OKX explained.
Crypto Actors Prepare for
‘Shapella'
According to OKX, a total
of 17.9 million has been staked on Ethereum as of April 5, 2023. This amounts to over
USD$34 billion in ETH.
Already, digital assets companies have been preparing for the opportunities that the Shapella upgrade could avail. In late March, cryptocurrency exchange Bybit launched its new 'optimized' Web3
Staking Pool to give its users access to its
'uncomplicated ETH staking options'.
Additionally, ConsenSys, an
Ethereum and decentralized protocols software company, launched the first marketplace for institutional cryptocurrency staking. The
software firm believes that the Shapella upgrade can help boost institutional
participation in ETH staking.
Positive momentum is building up
for the upcoming upgrade to Ethereum, a decentralized blockchain with smart
contract functionality, a survey by OKX, a Seychelles-based cryptocurrency exchange, has identified.
The two-part Shanghai-Capella
event, which has been dubbed the ‘Shapella’ upgrade, is now scheduled for April 12. The upgrade is
expected to enable users on Ethereum to withdraw their staked ether (ETH), the
native cryptocurrency of the platform.
The upgrade comes eight months
after the Ethereum Merge, which was a hard fork of the blockchain that switched the
platform’s consensus mechanism from proof-of-work to proof-of-stake (PoS) system. However, investors have been participating in ETH
staking on Beacon Chain since December 2020. The Beacon Chain, which is a PoS blockchain launched on Ethereum, was later merged with the Ethereum Mainnet in September last year.
The expected Shapella upgrade, which was initially scheduled for last month, means that investors will be able to
finally withdraw their staked ETH. And, OKX’s survey found that the majority (83%)
of the Ethereum community expects that more ETH will be staked in the next
three months, suggesting a positive perception or acceptance of the development.
$5K+ for ETH by End of 2023
OKX's findings
are based on a survey of 700 ETH traders, investors and network developers
between March 1-5, 2023, at the ETH Denver Conference.
CoinMarketCap’s latest data
shows that the price of ETH as of April 7, 2023, stood at over $1,850,
rising from a little over $1,800 seven days ago. However, the majority (63%) of respondents
in OKX’s survey expect ETH to peak at over USD$5,000 by year-end.
Furthermore, another majority
(79%) expects the price of ETH to react differently to the Shapella upgrade than it did to the Merge. From this majority, 59% believe the price of ETH
will keep increasing before and after the upgrade. On the other hand, under a
quarter (20%) of them expects the ETH price to move sideways.
“Thirty-three percent of
respondents think ETH will be over its current six-month high of USD2,000 in
June 2023, but still below its 12-month high of USD3,000. [Another] 34% of
those surveyed predict ETH at below $2,000, while 33% believe it will be at
least $3,100 by June 2023,” OKX explained.
Crypto Actors Prepare for
‘Shapella'
According to OKX, a total
of 17.9 million has been staked on Ethereum as of April 5, 2023. This amounts to over
USD$34 billion in ETH.
Already, digital assets companies have been preparing for the opportunities that the Shapella upgrade could avail. In late March, cryptocurrency exchange Bybit launched its new 'optimized' Web3
Staking Pool to give its users access to its
'uncomplicated ETH staking options'.
Additionally, ConsenSys, an
Ethereum and decentralized protocols software company, launched the first marketplace for institutional cryptocurrency staking. The
software firm believes that the Shapella upgrade can help boost institutional
participation in ETH staking.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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