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🥊 Inside time: Ethereum is preparing for the attack of speculators
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🚀 Tomorrow, the long-awaited Shanghai hard fork will take place on the
Ethereum network, which will allow validators to release coins blocked for staking. The volume of such tokens leaves 18 million ETH for $34 billion, or 15% of the total supply of
Ethereum.
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To reduce the pressure on the price and not cause a collapse in the network, those wishing to leave staking to stand in a queue: no more than 2,200 transactions can be made per day. If each validator withdraws a block of 32 ETH, 70,000 coins worth $132.5 million will be withdrawn from the network daily.
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Due to increased pressure from US regulators, the number of people wishing to exit staking is actively growing. For example, the Kraken crypto exchange agreed to a staking ban and a $30 million fine. Now its clients make up about 7% of the total validator pool with 1.2 million ETH locked up. So it only takes 17 days to process requests from Kraken.
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A similar pre-trial claim from the SEC was received by the crypto exchange Coinbase (NASDAQ: COIN), whose share is almost twice as large as Kraken. It is possible that shortly, it will also yield to the claims of the regulator.
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The SEC seeks to remove the status of security for
Ethereum. If such a decision is approved in court, crypto exchanges will have to obtain a broker license to work with cryptocurrency and keep more strict records of both clients and all transactions. Most clients are not happy with this.
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At the same time, a hard fork is a serious stage in the development of the network, and the ability to freely move coins increases interest in staking from cautious investors who are not ready to block coins for an indefinite period. These guarantee dangerous volatility for ETH, so the requirements for money management in transactions with this token need to be seriously strengthened.
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Profits to y’all!