Ethereum price beats crypto market bloodbath nearly a week away from Dencun upgrade
Ethereum (ETH) price climbed on Wednesday while several other cryptocurrencies wiped out their recent gains following Bitcoin’s price rally and its subsequent pullbackon Tuesday. Ether resumed its recent uptrend towards the psychological $4,000 target despite mass profit-taking by holders.
The Dencun upgrade, a key technical development on the Ethereum mainnet, is scheduled to go live on March 13. The upgrade marks an important milestone for Layer 2 chains and rollups. The Dencun upgrade is the most significant upgrade for the Ethereum blockchain since the Merge, where the chain shifted its consensus mechanism from Proof-of-Work to Proof-of-Stake. Developers have set March 13 as the date for Dencun’s mainnet release.
XRP price dips ahead of key deadline in SEC vs. Ripple lawsuit, regulator cites default judgment
XRP price slipped below the key psychological level at $0.60 as Bitcoin experienced a sharp correction after briefly touching a fresh all-time high on Tuesday. The altcoin, which recovered slightly on Wednesday from a low at $0.5386, could see further declines with the upcoming developments in the SEC vs. Ripple lawsuit.
The payment remittance firm’s Chief Legal Officer Stuart Alderoty said that the Securities and Exchange Commission (SEC) has shown “a bad faith practice” by citing a default judgment from a relevant legal issue.
What’s next for crypto after $1 billion in liquidations?
Bitcoin (BTC) price action on Tuesday created a new all-time high at $69,387, but it was soon followed by a steep correction that triggered one of the biggest liquidation events. Despite such a fallout, BTC is very close to reaching the pre-crash levels. Surprisingly, the crypto market and its participants remain bullish.
When Bitcoin's price dropped nearly 6% on Monday, many investors saw this as a sign of a potential correction or a lower low setup. But on Tuesday, BTC bulls swept the previous ATH at $69,000 and set a new one at $69,387, cleaning out the bears. Quickly following this move, BTC crashed violently, shedding nearly 15% of its value in less than five hours, rinsing the late bulls. This price action was a classic example of a double whammy, where market participants on both sides were rinsed.
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