The market was relatively quiet. However, a few developments with Ethereum, and introduction of Bitcoin NFTs lit up the space.
Bitcoin’s [BTC] Price PredictionTo begin with, one major event that happened at the start of the quarter was the Ethereum Shapella upgrade. And this was highlighted in CoinGecko’s
. The upgrade, which was the first major upgrade on the blockchain after the Merge, happened on 12 April.And this enabled validators to unstake the ETH deposited into the network if they desired. According to the CoinGecko report, ETH staking grew by 30.3% in Q2, with the usual suspectHowever, the report did not fail to mention the decline in other staking providers— particularly exchanges. And the major reason for this was the regulatory issues Coinbase and Kraken faced with the U.S SEC.
Kraken’s dominance fell to 3.4% as it winds down its staking product in the US following a settlement with the SEC. The exchange had a -36.2% drop in staked ETH QoQ. Coinbase’s dominance also fell by -3.5% in Q2, ending the quarter with a 9.6% market share.For Bitcoin, its tremendous growth in Q1 slightly cooled off. Despite hitting a Year-To-Date high of $30,694, which drove the crypto market cap to $1.24 trillion, BTC only managed a 6.9% Quarter-on-Quarter increase.
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