Ethereum developers have set a deadline of March 13 to upgrade Dencun to mainnet.
Ethereum Eyes Lower Fees with Upgrade
ETH surged above $2,450 amidst anticipation for the Ethereum Dencun upgrade scheduled to launch on March 13. This upgrade will incorporate EIP-4844’s ‘blobs’, to slash layer-2 blockchain fees by 10x. By providing enhanced block space for layer-2 transactions, the update has the potential to slightly reduce fees for Ethereum mainnet transactions. Developer teams are required to release final Dencun-supported client versions by February 22, allowing validators two weeks to complete the update process.
Bitcoin approaches $47,700
On February 9th, Bitcoin (BTC) shows strong upward momentum, surging past the significant milestone of $47,000 and edging closer to $47,700. This marks the highest value for Bitcoin since it reached the milestone of $48,969 following the approval of the Bitcoin spot ETF on January 11th.
During the same morning, the world’s largest cryptocurrency also surpassed $46,000. Consequently, since the resumption of the uptrend on February 7th, BTC has experienced an impressive increase of nearly $4,000 in just 72 hours.
The reason for the above impressive recovery is in no small part due to stable purchasing power from large organizations ETF Bitcoin. According to statistics from BitMEX Research, since January 26, Bitcoin spot ETFs have had 10 consecutive days of positive inflows, regardless of the selling pressure that came from Grayscale’s GBTC.
In particular, the trading day of February 8 (US time) recorded up to 405 million USD poured into the above financial products, also the third highest level since the day the ETF opened for trading in mid-January.
Do Kwon’s Court Win in Montenegro
Do Kwon, Terraform Labs co-founder, wins second appeal against U.S. and South Korea’s extradition requests in Montenegro. The court overturned the previous decision due to procedural violations. Meanwhile, the former CFO of Terraform Labs, Han Chang-joon, has been extradited to South Korea. Kwon’s extradition requests stem from charges related to Terra’s peg collapse in 2022. His case will be reconsidered at the first-instance court following this latest development.
Also read: CRYPTO MARKET REVIEW IN 2023 AND NARRATIVES IN 2024