This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Bitcoin slipped under the $30,000 level in early European hours on Wednesday, with overall market capitalization falling 1.2% in the past 24 hours. Ether traded just over $1,860, down 3%, leading the drop among major tokens. Ether dipped ahead of the Ethereum network’s major upgradetaking place later today at 22:27 UTC (6:27 p.m. ET). Exchanges liquidated just over $30 million worth of leveraged futures bets during Wednesday’s price drop, of which, more than 90% were longs or bullish bets. In addition to the Ethereum network upgrade, traders were likely also taking profits ahead of the U.S. Consumer Price Index (CPI) report for March, which is due at 8:30 a.m. ET.
A report by blockchain analytics firm Glassnode estimates at least $300 million worth of selling pressure after the Shanghai upgrade today. “We estimate a total of 170K ETH intended to be sold after the upgrade,” Glassnode said in a report. “We project that only 100K ETH ($190M) of the total accumulated rewards will be withdrawn and sold.” Glassnode said the estimate was made based on a “50% withdrawal credential update, our segmentation of depositors, and assumptions regarding investor conviction, and profitability” by using wallet behavior, period of staking and presence of liquid staking derivative products, such as Lido.
Tron’s TRX token has been delisted by Binance.US. This comes weeks after the U.S. Securities and Exchange Commission sued Tron’s Justin Sun over allegations of selling and airdropping unregistered securities, fraud and market manipulation involving the TRX token. TRX dropped 6.4% on the news, according to CoinDesk market veri. Binance.US says trading for TRX will end on April 18.
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