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Ether value surpasses $2,000 as staking withdrawals are permitted following the Shapella upgrade.
Despite concerns regarding a potential influx of Ether (ETH) into the markets following the highly awaited Shapella update, ETH exceeded the $2,000 threshold nearly a day post-upgrade.
Data from Cointelegraph Markets Pro indicates that the token reached the $2,000 mark on April 13, marking the highest point since August. This increase follows the successful implementation of the Shapella upgrade at 10:27 pm UTC on April 12.
Ether reaching the $2,000 milestone. Source: Cointelegraph Price Index
The upgrade facilitates staked ETH withdrawals for users who previously had no means to retrieve their funds after staking. Although a new supply of ETH entered the markets, hinting at a possible sell-off, the price of ETH still achieved $2,000 and continues to hold that level at the time of this report.
On April 12, crypto analytics company Glassnode estimated that only about 1% of staked ETH might enter the market following the Shapella launch. The firm noted that merely 253 depositors have opted to withdraw their staked ETH positions. Glassnode expressed assurance that the latest update to the network would not have a “dramatic” impact on Ether’s price.
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Following the smooth execution of the hard fork on the Ethereum mainnet, a total of 12,859 ETH, valued at nearly $26 million at the time of this report, were unlocked in 4,333 withdrawals within the first hour after withdrawals became available.
Related: Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades
Immediately after the upgrade, the community marked the new achievement with various sentiments. Ethereum co-founder Vitalik Buterin stated in a live stream that Ethereum is currently in a “really good place.” Buterin emphasized that there is still much work to be done, but it can be approached at a more measured pace.
Crypto exchanges have also shown their support for ETH unstaking. Coinbase and BitGo have already activated withdrawals on their platforms. Binance announced that it will facilitate withdrawals starting April 19. Meanwhile, Kraken began processing withdrawals for United States users on April 11, initiating the process as soon as the Shapella upgrade was completed.
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