Crypto This Week: Ethereum Validators Rejoice as Staking Rewards Top US$2 Billion Since 2021
What Happened in the Crypto Industry & NOBI During the Past Week?
Hi, NOBI’s! Holders of Ethereum can celebrate as validators have earned an impressive US$2 billion in staking rewards since the start of 2021. Meanwhile, a recent survey shows that over 40% of Singapore’s population now owns cryptocurrency assets, highlighting a growing trend of adoption. Furthermore, several top-performing cryptocurrencies have experienced gains in the past week, with XRP taking the lead with a significant surge. We recap what’s been happening in the crypto industry during the past week!
1. Ethereum Validators Rejoice as Staking Rewards Top US$2 Billion Since 2021
Ethereum validators have successfully generated 1.1 million ETH tokens (equivalent to $2.007 billion) since January 2021, according to data from Delphi Digital. The number of validators on the Ethereum network has been increasing since they started staking in 2021. In the first 90 days of 2023, the number of validators has increased dramatically by more than 67,000. However, only about five entities dominate the staking activity on Ethereum, raising concerns about excessive centralization and censorship risks.
Interest in the network has been increasing in recent weeks after news emerged that the upcoming Shanghai upgrade will allow validators to withdraw their tokens. In addition, the amount of ETH supply on exchanges has dropped to its lowest volume as more holders choose to store their assets in self-custody. This is interpreted as an indication that investors are increasingly confident in the asset.
2. Survey: Over 40% of Singapore Residents Own Cryptocurrencies
A survey conducted by Independent Reserve shows that around 43 percent of 1,500 respondents in Singapore own cryptocurrency assets. The majority of Singaporeans have two or more digital assets, with portfolio diversification being the main reason behind their investment. Bitcoin is the most popular, with 87 percent acknowledging it, while Ethereum comes in second with 51 percent. Women also outperformed men in making profits, with 76 percent admitting they made money or broke even, while 72 percent of male investors confirmed the same.
The research also revealed that the investment amount depends on the income level of the population, with higher-income groups tending to allocate more of their investment portfolio to crypto. Additionally, 91 percent of respondents said they were aware of the asset class, indicating an increase in knowledge about cryptocurrency assets in Singapore.
3. Majority in Green, XRP Leads Weekly Gains
The prices of top cryptocurrencies varied with a majority in green, and XRP led the gains with a 25.36% increase in a week. The price of Bitcoin rose by 0.68% in the last 24 hours to USD 28,442.98, while Ethereum rose by 0.73% to USD 1,824.68.
On the other hand, BNB experienced the deepest decline of 1.96% in a week, and USDT corrected by 0.13%. The XRP price corrected slightly by 0.22% in the last 24 hours, but recorded the highest increase among the top cryptocurrencies during the period, namely 25.36% in a week.
4. Bitcoin Analysts’ Predictions Ahead of 2024 Halving Draws Growing Interest from Institutional Investors
As the Bitcoin halving event approaches in 2024, the crypto market in the US is heating up. Crypto investors and traders are flocking to the market, with some believing that a rise in Bitcoin’s price will occur in 2023 and beyond. Currently, several crypto platforms are experiencing a significant increase in the number of users and transaction volumes, as well as an increase in public interest in crypto.
Some factors that have contributed to this increased interest include institutional adoption, loose monetary policies by the US central bank, and increasing global market uncertainty. Additionally, the emergence of new financial platforms and products such as crypto exchange-traded funds (ETFs) have provided accessibility and convenience for investors who want to participate in the crypto market.
5. Bitcoin Gaining Strength, Soars 70% in 3 Months
Bitcoin has been steadily strengthening over the past three months with an increase of around 70 percent. On Tuesday (4/4/2023), the price of Bitcoin reached US$28,754 or approximately Rp 432.4 million (at a rate of Rp 15,000 per USD). The rise in Bitcoin’s price has been driven by increasing adoption and support from some major companies that are starting to accommodate crypto in their businesses.
However, the increase in Bitcoin’s price has also been accompanied by high volatility. At the beginning of 2023, Bitcoin experienced a sharp decline to below US$10,000 due to regulatory pressure in various countries. However, since February, the price of Bitcoin has started to rise again and is currently at a higher level than before.
That wraps up for Crypto This Week. We’ll see you at the next one!