Crypto traders likely took profits ahead of two key developers scheduled for Wednesday: The U.S. Consumer Price Index (CPI) for March, and the much-awaited Shapella upgrade for ethereum. By shauryamalwa.
Bitcoin slipped under the crucial $30,000 level in early European hours on Wednesday, with overall market capitalization falling 1.2% in the past 24 hours.
The so-called Liquid Staking Tokens slumped. Lido’s IDO governance tokens fell as much as 10%, while Rocket Pool’s RPL dropped 8%. Both protocols lock billions of dollars to provide yields on ether staking to users – who can stake any amount of ether to earn rewards without requiring to put up 32 ether to run a validator node.
Traders likely took profits ahead of two key developments scheduled for Wednesday: The U.S. Consumer Price Index for March, and the much-awaited Shapella upgrade for the Ethereum network. On the other hand, Shappella – a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that are expected to occur simultaneously on April 12 – will allow investors to withdraw their ether staked on the Ethereum blockchain. Staked ether cannot be withdrawn or freely traded currently.
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