Silicon Valley Newsroom
Ethereum’s Shapella upgrade went live today, and those who were predicting a sell-off seem to have gotten this one wrong.
Why Some Worried This Would Trigger a Sell-Off…
Concerns about a potential sell-off come from those who locked up their ETH coins for staking now gaining access to their ETH again, making them tradable – these locked coins total 15% of the total ETH supply.
If just half wanted to sell, it wouldn’t have been pretty.
But Surprisingly, ETH is Up over 2% Today…
Even those who said a sell-off was unlikely seemed to expect at least a small dip in todays price, but instead the day has been positive.
Most people who locked up their ETH coins for staking did so when the price was higher than it is today – so they’re holding on to their tokens for now to avoid taking a loss.
A Maturing Market?
In previous years it feels like just the potential of there being a sell off would trigger a sell off, so this feels like the market is maturing. As more people get familiar with the cryptocurrency and its uses, they’ll become more comfortable holding onto their tokens, even during periods of potential volatility.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
