Giant cryptocurrency exchange Binance, staked Ethereum announced the launch of (ETH) withdrawals and BETH transactions. The crypto exchange announced last week that users will be able to redeem their staked ETH one week after the Shapella upgrade. So, can activating transactions create a selling pressure? Here are the details.
Binance Launches Ethereum Withdrawals
BinanceIn a tweet on April 19, he announced that he has activated the withdrawal function for ETH 2.0 staking. Participants who stake Ethereum on the Binance exchange can redeem ETH with their BETH holdings in a 1:1 ratio from the ETH 2.0 staking page.
Users who request to withdraw their assets will have no additional right to cancel their transactions. Due to the current limitation in the network, staked assets will be completed in one week to 15 days. Users can follow the final date on the withdrawal request page.
We completed the ETH 2.0 withdrawal ahead of schedule. Although initial estimates suggest that the process could take from 15 days to several weeks, we completed the process in a shorter timeframe! Thus, our users will have timely access to their funds.
NEWS CONTINUES BELOW
According to TokenUnlocks data, more than 1.08 million Etherem tokens have been withdrawn from the Beacon Chain by validators since the Shanghai upgrade. In addition, more than 598 thousand ETH has been invested in the chain.
Also, the total pending withdrawals were recorded as 945,82k tokens worth $1.87 billion. The number of validators is around 487.93k and only 27.89k validators have requested full withdrawals.
As Koinfinans.com announced, Lido Finance has also announced that it will activate withdrawal transactions.
Will Ethereum Price Drop?
Ethereum price It’s down 7% in the last 24 hours and the price is currently trading at $1,979. The lowest and highest prices in 24 hours are $1,967 and $2,114, respectively. Also, trading volume has increased by 30% in the last 24 hours as more long-term transactions are liquidated due to rising inflation fears.
However, the latest announcement from the Binance front is expected to increase the selling pressure. However, the pressure is somewhat offset as it is possible to re-stake through protocols such as Rocket Pool.
You can follow the current price action here.