The number of depositors on Ethereum continues to grow compared to the number of people withdrawing their ethers from the network since the Shanghai upgrade was activated. This and more news in this handy daily summary so that you are always informed with the latest events that occur within the crypto world.
Ether deposits are growing – a bullish sign for Ethereum?
📍There are more deposits than withdrawals in Ethereum from Shanghai. With a net inflow of 15.390 ethers, total active deposits on the Ethereum network have surpassed total withdrawals on the network since the Shanghai upgrade was activated on April 12.
According to data from Dune Analytics, total deposits reached a total of 2,33 million ethers, worth approximately $4.472 billion. On the other hand, withdrawals on the network have reached a total of 2,32 million ethers, valued at approximately $4.442 billion.
According to several analysts, the fact that there are more ether deposits than withdrawals on the network is a bullish sign for the cryptocurrency.
Last month, crypto investor @CryptoGodJohn said that although Shanghai brought ETH validators and stakers the ability to withdraw their ether from the network, the number of ether depositors was growing compared to the number of people making withdrawals.
Deloitte uses Polkadot blockchain for digital identity
📍Professional services firm Deloitte joins Polkadot blockchain ecosystem. Deloitte is embracing blockchain technology, through the Polkadot-based KILT Protocol, to streamline digital identity and issue digital credentials.
One of the key use cases Deloitte will give to blockchain-based digital credentials is to support its Know Your Customer (KYC) and Know Your Business (KYB) process to mitigate the risk of fraud, money laundering and terrorist financing.
According to Polkadot developers, the technology used by the KILT parachain eliminates existing inefficiencies around KYC and KYB processes, improving the protection of customers and financial institutions.
Micha Bitterli, head of Deloitte Managed Services, said that thanks to blockchain innovation, the company can transform verification processes for individuals and entities.
Ethereum Foundation sells over $30 million worth of ether
📍The Ethereum Foundation sent 15.000 ethers to an exchange address. Over the weekend, the Ethereum Foundation, the nonprofit that funds the development of the Ethereum blockchain, sent a transaction of 15.000 ethers, valued at more than $30 million, to a cryptocurrency exchange.
The sale transaction caught the attention of the Ethereum crypto community, due to the possibility of affecting the price of the cryptocurrency in the market. However, at the time of writing this article, ETH is trading higher, with a rise of 2% per day. Its current price is $ 1.915 dollars per unit, according to the CoinMarketCap platform.
On the other hand, cryptocurrency analyst and blogger Colin Wu highlighted that this has been one of the Foundation's biggest selling events. In 2021, the Ethereum Foundation had sold 20.000 ethers when the price of the cryptocurrency reached its highest point of $4.677 per ETH. Previously, in 2020, it had sold over 100.000 ethers at a price of $657 per unit.
Is the court battle between the SEC and Ripple coming to an end?
📍The SEC's dispute against Ripple could end this year. Ripple CEO Brad Garlinghouse said during an interview on CNBC earlier this week at Davos 2023 that the dispute that the US regulator initiated against his company in December 2020 is likely to culminate this year.
Despite the long court battle, Garlinghouse is grateful for the support and camaraderie of the XRP community. The Ripple CEO was present at the XRP Las Vegas 2023 event, also held this week, to express his gratitude to the crypto community in the case against the SEC.
Garlinghouse is known for his focus on pushing for a fair regulatory framework for the cryptocurrency industry in the United States. The SEC accused Ripple of offering XRP as an unregistered security to its investors during the cryptocurrency’s pre-sale.
In a separate tweet, Garlinghouse expressed his optimism regarding the initiatives of governments such as those of the European Union, the United Kingdom and the United Arab Emirates, to advance in the construction of favorable laws for the development of the crypto industry, while the United States is retreating in its leadership, manifested.
NFTs accompany the coronation of King Charles III
📍Artist Trevor Jones has created an exclusive piece of art inspired by the coronation of the new king. The artwork, titled The Oath, depicts St. Edward's Crown used by British monarchs since 1661. The Oath is available on the Nifty Gateway non-fungible token platform, reported the Evening Standard newspaper.
Continue reading: What are Cardano native tokens and how do they benefit the blockchain ecosystem?
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
