Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.
In the last 24 hours, the Cryptocurrency market has been seen skyrocketed with Bitcoin’s price shooting up above $47,000, a price that hadn’t occurred since January 2. While Ethereum traders have lost over $100 million in liquidation.
BTC is currently trading at roughly $47,000, but it hit a high of $47,650 earlier today (on Binance). This is the highest price we’ve seen since January 2, when Bitcoin was trending in the opposite way.
The cryptocurrency has gained around 13.5 percent in the last seven days as a result of this surge. It’s also worth noting that, in the last 24 hours, increasing market volatility and instability resulted in almost $410 million in liquidated holdings.
According to Coinglass, the greatest single liquidation order was placed on Bitmex. It was a $10 million BTC perpetual with a $10 million face value. Almost 80% of the liquidated positions were short, which was somewhat expected.
Obviously, there are good developments in the space, particularly for Ethereum. On the Kiln testnet earlier this month, the Merge, which brings the beacon chain to a specific testnet and then mainnet, was successful.
As Ethereum Merge shows, this has sparked people’s interest. The number of Google searches has surpassed previous records. The Google Trends score for the search keyword was 100, attracting a large number of investors. The price of Ethereum has now risen above $3,300, attracting more traders as a result.
Recently, Times interviewed Vitalik Buterin, the co-founder of Ethereum and the project’s poster child, where he shared his fears and hopes for the future of the crypto industry.
According to this, he believes that sharding is just as crucial as proof-of-stake in terms of making Ethereum more scalable. He claims that the “complete vision” is years away due to a number of issues that need to be resolved.
Overall, the interview demonstrates that the Ethereum co-founder is upbeat and believes there is much to look forward to.
“Fees are a huge problem for Ethereum’s usability, especially for things other than some of the financial applications that have dominated recently.” said Vitalik.
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