Ethereum Staking Inflows Spike on ETH Return to $1,800
On Friday, ETH staking inflows rose to the highest since March 9. The US banking crisis drove ETH to $1,800 for the first time since August 2022. With the Shapella upgrade set for April 12, the rise in staking inflows reflects sentiment toward the US banking crisis, suggesting a bullish price response to the Shapella upgrade.
According to CryptoQuant, ETH staking inflows increased from 18,208 ETH on Thursday to 22,176 ETH on Friday. Above 20,000 levels should be a bullish signal considering historical staking inflow levels.
After the upgrade, stakers can withdraw staked ETH from the Beacon Chain, which went live in December 2020. The upward trend eases fear of high unstaking demand.
This week, Coinbase (COIN) warned of lengthy withdrawal times due to increase demand from stakers, saying,
“We anticipate that demand for unstaking will be high soon after the upgrade, and it may take the protocol weeks to months to process unstaking requests.”
Coinbase Announces Expansion Plans Beyond US Borders
On Friday, news hit the wires of Coinbase (COIN) targeting overseas jurisdictions. Increased regulatory and lawmaker scrutiny has forced platforms to look beyond US borders to avoid missing out on the rising interest in the digital asset space.
According to a Bloomberg report, the crypto exchange is in discussions to identify alternative locations in response to the deteriorating regulatory and banking climate for crypto companies.
Listed on the NASDAQ, Coinbase shares rallied by 10.62% on Friday to end the day at $74.98. The surge in demand for cryptos and the plans to establish an ex-US global trading platform delivered the breakout session.
Dubai Partners with South Korea to Support Web3 and the Metaverse
Dubai announced a new partnership with South Korean entities in blockchain and metaverse-related industries.
According to the announcement, the DMCC signed two Memorandums of Understanding (MoUs) with South Korean entities to support Dubai’s goal to expand its position as a hub for Web3 businesses. As part of the MoU, the DMC will assist South Korean Web3 companies set up at the DMCC Crypto Centre and its new Gaming Centre.
The crypto winter has adversely affected growth in Web3 and the Metaverse. However, the sandbox (SAND) is up 77.8% year-to-date, outperforming BTC (+65.1%) and the broader crypto market (+50.0%). This morning, SAND was up 4.83%, following a 13.53% gain on Friday.
Congress Schedules Hearing on SVB and Signature Bank Shutdowns
On Friday, Chairman of the House Financial Services Committee Patrick McHenry announced the first hearing on Silicon Valley Bank and Signature Bank failures.
According to the announcement,
“Patrick McHenry and Ranking Member of the House Financial Services Committee, Maxine Walters, announced a bipartisan hearing with federal financial regulators in response to the failures of Silicon Value Bank (SVB) and Signature Bank to be held on March 29, 2023.”
Martin Gruenberg, Chairman, Board of Directors of the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, Vice Chair of Supervision, Board of Governors of the Federal Reserve, are witnesses.
In a statement, McHenry said,
“We are working around the clock to deliver answers to the American people to protect depositors, promote the safety and soundness of America’s banks, and strengthen our financial system. We will conduct this hearing without fear or favor to get the answers the American people deserve.”
The hearing will undoubtedly garner plenty of interest. Crypto market players have faced heightened scrutiny since the collapse of FTX.
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