• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Ethereum

Ethereum Soars To 11-Month High Amid Massive Staking Withdrawals

Eli Dambel by Eli Dambel
1 month ago
in Ethereum
Reading Time: 2 mins read

The price of Ethereum has surged to an 11-month high despite the withdrawal of nearly 240,000 ETH. The withdrawals did not have any negative impact on the Ethereum price trend as the crypto asset is on a surge spree.

As of the time of writing, ETH has recorded a price growth above 6% in the past 24 hours, beyond BTC’s 1.77% gain. There is seemingly an improvement in market sentiment around the asset today, causing ETH’s value to skyrocket. 

This is also evident in the token’s trading volume in the past 24 hours. If this trend continues, the price could surge beyond the $2,500 mark soon.

Ethereum Price Trend And Withdrawals

As of today, the price of Ethereum has surged over $2,000, its highest level over the past 11 months. This is a substantial increase from its recent price of $1,900 as of yesterday. In the meantime, the Ethereum market sentiments are bullish, particularly after its price surge.  This could be due to the Shapella upgrade that took place this week.

Ethereum now stands at $2,115, a 5.13% surge over the last 24 hours. Meanwhile, Bitcoin still hovers around a 1.77% price increase in the same period.

Related Reading: Company Of Legendary Peter Brandt Goes Long Bitcoin, Here’s His Target Price

Furthermore, Ethereum’s trading volume is currently up by 25.45%, surpassing that of Bitcoin, which now stands at 9.22%.

The surge in Ethereum’s price has also caused a ripple effect on the broader digital asset market. Several other cryptocurrencies, including Bitcoin and Binance Coin, have experienced price increases.

Ethereum Soars To 11-Month High Amid Massive Staking Withdrawal
Ethereum spikes on the daily candle l ETHUSDT on Tradingview.com

In the meantime, crypto investors can only watch to see how long this surge in Ethereum’s price will last. But for now, it appears that the digital currency market is once again heating up. 

Data From Token Unlocks

An industry analyst, Colin Wu, noted that the token withdrawal occurred approximately 30 hours after the Shanghai upgrade. But he also stated that the network received about 100,000 ETH deposits afterward. As such, data from Token Unlocks shows that the net staking balance is now 139,000 ETH, worth about $277 million.

Related Reading: Little-Known Crypto WOO Outshines DEX Tokens With Surprise 32% Spike

The data also shows that about 1.11 million ETH worth $2.35 billion are still on hold for withdrawal at the time of writing.

Wu cited in his tweet that 63% of this amount goes to Kraken, whose staking services are currently not functional due to the suspension from the United States Security and Exchange Commission. Meanwhile, Coinbase, Huobi, and Lido Finance account for 11%, 5.1%, and 31%, respectively.

Featured image from Pixabay and chart from Tradingview

Tags: bitcoincryptoETHUSDTkrakensecShapella upgradeStaking
Tweet123Share196ShareSend
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

Related Posts

Ethereum

Ethereum Correction: Key Level Break Can Shift Price Course

3 hours ago
Ethereum (ETH) Block Size Surges

Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

4 hours ago
Ethereum

Ethereum Encounters Resistance At Critical Level, Vital Trading Levels to Monitor

4 days ago
Ethereum (ETH) staking

Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH

5 days ago
Ethereum

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

7 days ago
Ethereum

Role Reversal: Ethereum Defies Expectations With Lower Volatility Than Bitcoin

7 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Traders Union published the list of Best Forex Brokers in...

    1 hour ago
  • Coinbase battles with SEC users are moving to Tradecurve

    3 hours ago
  • Cardano to hit 1$, Floki inu braces for price breakout and...

    3 hours ago
  • Ben Token Breaks $100 Million Market Cap, Could it Make it...

    3 hours ago
  • How Dogecoin, Pepe Coin, And DogeMiyagi Use Humour to Drive...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.