BILLIONS Are Pouring into Ethereum 2.0 Staking Contract
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Ethereum 2.0 Big Bets Made
Ethereum trades sideways, just like the rest of the crypto market. After news of President Joe Biden’s executive orders was leaked, Ethereum rose prematurely by 6%, falling below $2 ,700,, and then falling further to $2 ,500 at time of writing. This is down 10% over the past seven days. It didn’t feel like too long ago, December 10th, when Ethereum pushed past $4,200, and now, breaking the $3,000 resistance level has been a challenge, only breaking past $3,000 one time since February 17th. Business Insider recently reported that Ethereum gas prices fell to a six month low. There could be many reasons for the decline in gas fees, including the falling interest in DeFi and NFTs, conflict between Russia, Ukraine, inflation concerns, and ‘Ethereum Killers’. Whatever the reason, Ethereum’s short-term outlook looks bearish. Long-term investors still believe in Ethereum.
Decrypt.co reports that Ethereum 2.0 Staking contract now holds 10 million ETH. The Consensus Layer is Ethereum 2.0’s most anticipated upgrade. The Consensus Layer is now possible with the validation of 32 Ethereum deposits on Ethereum Beacon Chain. This is the first step towards the Consensus layer. Ethereum’s transformation from Proof of Work into Proof of Stake will be the most significant change.
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