A naukri.com initiative
Coinjournal
4w
321
Image Credit: Coinjournal
BTC trades at $109.7K after weekend surge; Ethereum’s Pectra upgrade boosts institutional staking
- Bitcoin (BTC) is currently trading near $110,000, challenging predictions of summer stagnation after a 3.26% weekend surge.
- QCP Capital noted signs of market fatigue for BTC, despite the breakout, with softening open interest and tapering ETF inflows.
- Bitcoin's surge coincides with US-China trade talks and a $22 billion US Treasury bond auction, adding market uncertainty.
- Ethereum (ETH) shows signs of increasing institutional adoption, particularly in staking, amid a shift towards decentralization.
- Recent price action saw Bitcoin breaking above $106,500 levels, establishing new support at $107,600 and briefly touching $110,169.
- QCP Capital had highlighted suppressed volatility but warned of signs of fatigue in the market despite the recent rally.
- Bitcoin's move above $110,000 comes amidst a tense macroeconomic backdrop with US-China trade talks and a significant bond auction.
- Ethereum's Pectra upgrade is praised for introducing significant changes in staking mechanics, enhancing institutional appeal.
- The Pectra upgrade features Execution Layer triggerable withdrawals, catering to institutional operational needs and compatibility with ETF issuers.
- The upgrade is seen as a pivotal development for Ethereum, driving institutional readiness and potentially increasing ETH adoption in portfolios.
Read Full Article
19 Likes
For uninterrupted reading, download the app