Ethereum releases lukewarm response to ‘Shanghai upgrade’

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Watch: Ethereum Gains Ground Ahead of “Shanghai Upgrade” Crypto Mile Weekly Update

Ethereum issued a lukewarm response to this week’s successful test of Shanghai’s upcoming blockchain upgrade.

The test was dubbed a “ghost fork” and focused on some of the changes that need to happen before the Shanghai upgrade in March, Ethereum’s next upgrade since the September “merger” to a proof-of-stake blockchain.

This week’s The Crypto Mile weekly update captures the steady rise of bitcoin (BTC-USD) and ethereum (ETH-USD) since the start of 2023.

The global cryptocurrency market capitalization today stands at $1.06 billion ($860 billion), down 2.7% in the past 24 hours, according to data from Coingecko.

Trade analysts are expecting a dovish response to lower inflation from Jerome Powell, chairman of the US Federal Reserve.

Read more: How crypto fell to earth in 2022: Eight charts that tell the story of a cruel crash

This drove tech stocks higher, and cryptocurrencies such as ethereum and bitcoin also reacted positively, with the number of addresses holding the two biggest cryptocurrencies continuing to grow.

Bitcoin flirted with the $23,000 mark, rising 7% in the past seven days to hit $22,623 (18,361).

Ethereum had a more lukewarm response with a 1.3% drop last week to $1,549.

Both Bitcoin and Ethereum have been rallying in the bear market since the start of the year, posting numbers not seen since August 2022. The rise suggests that the bankruptcy of crypto-lender Genesis was already priced in.

‘Next-gen’ memecoin Dejitaru Tsuka (TSUKA-USD), believed to be the new creation of Shiba Inu (SHIB-USD) founder Ryoshi, rose 26.41% in the past week, with its market cap approaching 70 millions of dollars.

Dejitaru Tsuka is now priced at $0.07, slowly approaching the psychological 10 cent mark throughout January.

The significance of Shanghai’s upgrade

The Shanghai upgrade will allow those who lock their funds to operate the network to withdraw their staked ETH.

The story continues

This is a relief for many punters who experienced anxiety throughout the last quarter of 2022 when the price of the cryptocurrency was sent into a downward spiral following the collapse of the FTX exchange.

Ethereum core developers have rolled out the first mainnet shadow fork designed to test the readiness of ETH staking withdrawal capability.

This feature is expected to be live by March and will release $26 billion of ether staked on the Ethereum mainnet, which is the largest smart contract network in the world.

Watch: Web3 sectors to watch in 2023 | The Crypto Mile

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