Crypto Market Plummets Overnight, Dogecoin and Cardano Drop, Ethereum Set for Formal Upgrade with Shanghai Update

Crypto market dropped 2.7%, shedding roughly $27 billion overnight. dogecoin, cardano, and ethereum were all affected by the drop. dogecoin dropped 5.5%, trading at $0.84, while cardano dropped 5.5%, trading at $0.35. dogecoin has enjoyed a 20% rise since january 1, while cardano has soared 44%. ethereum dropped 4.8% in the past 24 hours, trading at $1,548, and is the only asset in the top ten to post negative returns over the last week.

Drop occurred in the past 24 hours, and took place in the crypto market. dogecoin wiped out more than $5 million in leveraged traders, with 94% of the latest liquidations being longs, per coinglass. ethereum is set for a formal upgrade, dubbed shanghai, which will allow users to withdraw their staked eth for the first time. the shanghai update is on track for a march delivery, and ethereum’s core developers successfully deployed a “shadow fork” of the update.

Drop happened due to the market’s reaction to the news of ethereum’s upcoming upgrade. the shadow fork is a test procedure comparable to a dress rehearsal, and allows users to access their returns from the roughly $25 billion of staked eth in circulation. the shadow fork also gives ethereum’s core developers a chance to test out the upgrade before the official launch.

By Evey Lovelace

You May Also Like