The Ethereum Shanghai Upgrade is complete! It only took half an hour yesterday and there was no drama. Now, people can finally un-stake their ETH and so far there’s a 2-week wait if investors want to unstake today. Supposedly, this will create some price pressure on ETH tokens as many people will un-stake ETH and cash out. But ETH price actually pumped, trading around $2000 at the moment, a price we haven’t seen since June 2022. I don’t understand crypto prices. It doesn’t seem to follow any fundamental or technical rules. It’s puzzling and I have decided not to participate. It’s basically gambling and a lot of price manipulation is going on. Tether printed $10B USDT of tokens since the SVB fiasco and it made me wonder if this contributes to the current crypto price pump. I do believe blockchain technology is legitimate but there are too many shady players in the crypto world. Entities like Tether, Binance, FTX, Tron, Terra Luna are all super shady and I won’t be surprised if all of them end up being criminally convicted in the next few years from money laundering, price manipulation, banking frauds, etc.
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