Bull RullEthereum Founder Issues Bullish Prediction After Game Changer Upgrade Helps Bitcoin Price Rally

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Update 4/16 below. This article was originally published on April 14

BitcoinBTC and Ethereum each surged this week after a surprise bitcoin easter egg fueled a wild Satoshi Nakamoto identity theory.

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Bitcoin price topped $30,000 per bitcoin for the first time since June last year, while ethereum price broke through $2,000 per ether, helped by the upgrade both expected from Ethereum in Shanghai and the CEO of Coinbase revealing an exciting bitcoin upgrade.

Now, Ethereum co-founder and spiritual leader of the project, Vitalik Buterin, says the network needs to urgently focus on fixing its scaling issues ahead of the next bitcoin price hike. ethereum and cryptography.

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MORE FROM FORBESFed ‘Sweet Spot’ Could Be About To Trigger A $200 Billion Bitcoin Price BoomBy Billy Bambrough the crypto community to help fix Ethereum scaling issues before ‘the next run bullish” as the price of bitcoin and other cryptocurrencies rise. 2022 Bloomberg Finance LP

“If we don’t fix the scaling before the next bull run, people are going to have to pay $500 in transaction fees,” Buterin said in a live stream reported by The Defiant ahead of the closely watched upgrade. of the network which was marked Shapellaa combination of Shanghai and Capelle.

Buterin warned that if ethereum does not resolve its scaling issues before the next crypto bull run, a spike in on-chain activity could lead to exorbitant transaction fees for ethereum users, as has happened. produced during previous bitcoin, ethereum and crypto price bull runs.

“The Shapella upgrade closes the loop on some things that are part of PoS [proof-of-stake] transition but didn’t make it in time for the merger, the drawdowns obviously being very large,” Buterin said during the Ethereum Foundation live stream. “The next immediate goal after that will be scaling .”

Ethereum’s “merger” into proof-of-stake from Bitcoin’s more energy-intensive proof-of-work last year saw miners replaced by “validators” who can stake their Ethereum on the network in exchange for money. ‘an efficiency”. This week’s Shanghai upgrade means those who previously staked Ethereum on the blockchain can now withdraw it.

Update 4/16: The Ethereum blockchain currently has just over $2 billion pending withdrawal after surpassing $3 billion on Friday.

Some fear that the impending wall of withdrawals that could be unloaded in the market will add pressure to the price of ethereum. However, that hasn’t happened so far, with the price of ethereum rising more than 10% this week and surpassing $2,000 per ether for the first time since last summer.

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MORE FROM FORBESSurprise Bitcoin Easter Egg Fuels Wild Satoshi Nakamoto Identity TheoryBy Billy Bambrough crash of the year, climbing with the price of bitcoin and other cryptocurrencies. Forbes Digital Assets

The upgrade also rekindled hopes that Wall Street and institutional investors may be on the verge of crowding into the market.

“The highly anticipated Ethereum Shanghai upgrade is potentially game-changing and could be the catalyst for the mainstreaming of digital assets into the majority of funds,” said Mona El Isa, managing director of the asset management firm focused on Avantgarde Finance crypto, in email comments. , adding that Avantgarde has “seen increased interest from institutional investors” looking to get into bitcoin, ethereum and crypto.

“This new liquidity will be viewed as a move to reduce the risks of digital asset allocations by institutional investors, who were previously put off by the older version of Ethereum that locked in cash. With the removal of a hurdle major, we would expect to see a quick move towards investors staking Ethereum, which could prove bullish for the price of the asset in the long run.”

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I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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