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This week on The Market Report, Cointelegraph analyst and writer Marcel Pechman examines Bitcoin (BTC) surpassing the $30,000 threshold, achieving a new peak for 2023. He also discusses Tether’s decision to blacklist a validator and whether Ethereum’s recent upgrade could attract institutional investors to the platform.
Bitcoin reaches $30K, marking the highest value since June 2022
Bitcoin has achieved price levels not observed since mid-2022, with the largest cryptocurrency by market capitalization reaching $30,000 and establishing a new high for 2023. As per CoinGecko data, Bitcoin has slightly exceeded $30,000, currently standing at nearly $30,190 at the time of this report, a level it has not attained since June 10, 2022. Over the past 30 days, BTC has recorded gains of almost 46%, climbing to its peak level in 10 months on April 11. Some analysts anticipated that it would reclaim the $30,000 price point as traders await the United States Consumer Price Index (CPI) report on April 12, which will provide insights into the Federal Reserve’s efforts against inflation. But what is our analyst’s perspective? Pechman shares his insights on whether the expected CPI has any correlation with Bitcoin’s recent price movements.
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Tether blacklists validator address that exploited MEV bots for $25M
Tether, the issuer of the prominent stablecoin Tether (USDT), has blacklisted an address that exploited Maximal Extractable Value (MEV) bots for $25 million last week. In this incident, the malicious validator address intervened to back-run the MEV’s transaction, resulting in losses of nearly $25 million across various digital assets, marking it as the largest MEV exploit to date. Etherscan has already flagged the address, alerting users to its involvement in the exploit. Was Tether justified in blacklisting the address? Did anyone actually commit wrongdoing in this situation? Pechman analyzes the details for us.
Shapella could attract institutional investors to Ethereum despite potential risks
Ethereum’s stakers and validators will soon have the ability to withdraw $32 billion of Ether (ETH) from the Beacon Chain, which represents approximately 15% of ETH’s circulating supply, according to Coinbase’s April 5 newsletter. There are concerns that the upgrade, referred to as the Shanghai hard fork, may reduce the overall number of validators and exert selling pressure on the network, among other issues. However, the upgrade is expected to alleviate risks for investors. “Lower volatility plus a yield makes for a more familiar and less risky asset to hold long-term,” stated Rich Rosenblum, co-founder and president of GSR — a crypto market-making firm — to Cointelegraph. Will Ethereum’s latest upgrade draw in more institutional investors? Pechman provides his perspective on the potential outcomes.
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