• Ethereum’s ‘Merge’ last year has led to speculation in crypto markets ahead of the upcoming ‘Shanghai hard fork’.
• The hard fork will allow participants on the network to unlock ether (ETH) they had staked on the blockchain, inaccessible for months.
• Crypto analysts are assessing how ether might trade through Ethereum’s next major milestone.
The crypto world has been abuzz with anticipation surrounding the upcoming Shanghai hard fork on Ethereum’s blockchain, expected to take place in March. This major upgrade follows the network’s historic shift last year to a proof-of-stake system, known as ‘the Merge’, which was one of the biggest stories of 2020 in crypto markets.
The Shanghai hard fork will allow participants on the network to unlock ether (ETH) that they have staked on the blockchain, which has been inaccessible for months. This is a major development for the crypto space, leading to speculation in the markets as to what the implications might be. Ether was recently trading up 12% so far in 2023 to $1,410, and a number of governance tokens of top liquid staking products have also seen an increase in value, such as Lido DAO (LDO), which jumped 53%.
Crypto analysts have been sharpening their pencils to figure out how ether might trade through Ethereum’s next big milestone. Some believe that the hard fork could be a positive sign for ether, while others are more cautious, citing the potential for market manipulation and other risks. Whatever the outcome, it seems sure to be an exciting few months in the crypto world.
In the meantime, digital-asset traders are placing bets on various market scenarios ahead of the hard fork. With so much at stake, there’s sure to be plenty of speculation and analysis in the weeks leading up to the event. Although the future is always uncertain, Ethereum’s Shanghai hard fork is sure to be a major milestone in the crypto world.