Bitcoin Slips Under $30K, Ether Staking Tokens Take a Beating Ahead of Shapella Upgrade

Bitcoin (BTC) has fallen below the crucial $30,000 level in early European hours on Wednesday, with the overall market capitalization dropping 1.2% in the past 24 hours. Ether (ETH) also saw a drop, trading just over $1,860 and leading the decline among major tokens. Liquid staking tokens such as Lido's IDO governance tokens and Rocket Pool's RPL also slumped, with both protocols locking billions of dollars to provide yields on ether staking to users. Over 96% of longs, or bets on rising prices, were liquidated since early Asian hours on Wednesday. Traders took profits ahead of two key developments scheduled for Wednesday: the U.S. Consumer Price Index (CPI) for March and the much-awaited Shapella upgrade for the Ethereum network. The Shapella upgrade is expected to allow investors to withdraw their ether staked on the Ethereum blockchain, potentially making ETH staking more accessible to retail investors. (Coindesk)

Bitcoin $63,807.05

+0.9%

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