Simon Peters, crypto asset analyst at multi-asset trading platform eTorohas shared this week of April with Cointelegraph in Spanish some comments on the news of the crypto-asset market, which has remained expectant of what Bitcoin does, which has kept its price relatively stable around $30,000 in the last week, after surpassing the mark for the first time since June of last year, and reaching a position, although without much duration, above $30,500.
Ether, however, has seen a stronger rally in value, largely thanks to the successful Shapella upgrade, it started last week trading below $1,850 but rose 13% following the upgrade and is now trading just under $2,100.
Ethereum situation after Shapella
According to Peters, the reaction to the unlocking of Ethereum shares at the end of the Shapella update was rather subdued. He describes that the price of Ether rose at the end of the week, but more on macroeconomic optimism than investor sensitivity to changes in the network.
In addition, noted that despite the promise to unlock Ether stakes, the actual value of ETH stakes has only increased slightly based on CryptoQuant data, and that, on the other hand, in Staking Reward you can see that the relative proportion of ETH staked is well below that of competing crypto assets, with just under 15% of Ether staked. “This compares to other major chains, such as Cardano and Avalanche, which are 67% and 61% staked respectively”he mentioned.
In this sense, Peters notes firstly that it is the long-term trend that investors should focus on, and secondly that unlocking staking for investors will encourage more others to stake their tokens, since now it is much easier to recover them if necessary. “We will see in the coming months if that 15% staked figure moves or if it is already at a natural market level,” he commented.
Sweden Cuts Crypto Mining Subsidies
Peters wanted to echo the fact that Sweden has become one of the latest EU nations to cut subsidies that help make crypto-mining viable on the continent, a blow to the sector in the Scandinavian region that amounts, according to him, to a tax increase of 6,000% per kilowatt hour.
“The crypto mining sector has undergone some pretty sweeping changes recently, with bans in some regions, the end of financial support in others, and changes to networks like Ethereum that have reshaped the market. Of course, in this case one can argue that subsidies should not be the arbiter of viability and miners should be able to fend for themselves, but it is a blow to the sector in the region.”he commented.
“In the future, the focus will be much more on Bitcoin. The mining industry, very concerned about the environment, is going to have to move forward with clean energy solutions that allow mining without increasing the load of fossil fuels”said.
Disclaimer: This content is for informational and educational purposes only and should not be construed as investment advice or investment recommendation. The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph.
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