This week in cryptocurrency news, Ethereum’s long-awaited Shapella upgrade finally took effect, allowing validators to withdraw staked ether. Over 860,000 ether is set to be unlocked and 77,000 ether is expected to be withdrawn on Thursday, driving the price surge of Ether by 6% against the US dollar.
In contrast to the successful upgrade, economist and author Harry Dent has predicted that the biggest crash in our lifetime is set to hit between now and mid-June. He warns that this will not just be a big correction, but a major crash that has not occurred in a generation.
As of late March, the US banking industry was struggling to recover from the collapse of three major banks, with bank lending in the US dropping by almost $105 billion – the largest decline on record. Additionally, Elon Musk warns that trillions of dollars are being withdrawn from banks to money market funds, and he insists that this trend will continue to accelerate.
Another significant development in the financial world is the warning from investment manager Larry Lepard that the US dollar could lose most of its value within the next five to ten years. Lepard claims that the US’ seizure of $600 billion of Russian currency reserves sent a message to other countries that the US can permanently freeze or seize their funds.
In recent years, Bitcoin.com has become a leader in introducing newcomers to the world of cryptocurrency through its accessible educational materials, news, and intuitive self-custodial products. With its focus on making buying, spending, trading, investing, and earning cryptocurrencies easier than ever, it is playing its part in shaping the future of finance.
In conclusion, this week’s cryptocurrency news has been mixed, with Ethereum seeing significant growth followed by warnings of a huge economic crash, as well as the ongoing struggle of the US banking industry. However, with the increasing popularity of cryptocurrencies and innovative companies like Bitcoin.com, the future of finance looks set to continue to evolve and change.