Bitcoin’s short-term price action approaching $30,500 is clearing resistances ahead of altcoin bulls. It is worth noting that most of the excitement in the market is happening around Ethereum completing the Shapella update.
Leading altcoin surpasses Bitcoin with its latest rally
On Wednesday, Ethereum successfully completed the Shanghai update, also known as Shapella. The anticipated Ethereum upgrade was raising questions about whether there would be major sell-offs. But ETH instead surged above $2,000 two days after the upgrade, outpacing Bitcoin in options trading for the first time this year.
The upgrade allows users to withdraw their staked ETH. These ETHs were locked on the Beacon Chain, which opened in December 2020 at around $600. The current value of stake ETHs is around $35 billion.
Meanwhile, Michael Safai, managing partner of Dexterity Capital, who shares his views on BTC and ETH, said that the largest cryptocurrency, Bitcoin, is stable and ordinary. Safai thinks the recession and the stability it brings is a good thing.
In his statements, “Bitcoin will be the boring old grandpa in the room right now,” he said, referring to why Bitcoin’s rally in these uncertain economic times may have stemmed from its simple, more familiar story.
Leading altcoin under scrutiny, Bitcoin free
cryptocoin.com We mentioned that the US regulator SEC is preparing to make a new move on DeFi protocols such as Ethereum. While the upgrade allows users to withdraw the ETH they staked, Safai stated that “a lot is going on” around Ethereum, including claims from the US government. He reported that there were officials who said it was a security and should be regulated as such.
Bitcoin, on the other hand, is escaping the “chaos of all investigations”. At least for now, the SEC seems comfortable treating Nitcoin as a commodity, unlike its view on ETH.
TrueUSD seizes the stake of stablecoin giants
In a significant shift in the altcoin market, TrueUSD (TUSD) has seen its market share in Bitcoin (BTC) trading volume on Binance surpass USDT with a new zero-fee discount. But data shows that investors are still reluctant to use TUSD, according to crypto data firm Kaiko.
Among Binance’s BTC-TUSD and BTC-USDT pairs, TUSD’s share has risen to 49% and is almost close to USDT. “It’s a huge spike in just a few weeks,” says Clara Medalie, Kaiko’s head of research.
However, according to Kaiko data, the growth of TUSD could not compensate for the rapid decline in trading volume of the BTC-USDT pair after Binance waived its zero-fee cut for Tether. Also, larger buy and sell orders are still being placed for the USDT pair, according to the analysis. At this point, Medalie adds, “it shows that investors are still reluctant to use TUSD despite zero fees.”
Why is TUSD in demand?
The rise of TUSD came after Binance, the world’s largest crypto exchange, chose it as the heir to the preferred Binance USD (BUSD) stablecoin issued by the Paxos Trust.
Binance restarted trading with TUSD after a six-month pause after Paxos’ decision to cease issuing BUSD, allocating the zero commission trading discount to the BTC-TUSD pair and waived the promotion from BUSD and USDT from March 22.
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