European Wrap March 29: FDIC, Ethereum & Dogecoin in Focus
The transition of Ethereum from Proof-of-Work to Proof-of-Stake (PoS) has led to the purging of around 70,000 ETH tokens from the circulating supply of the altcoin. Experts are optimistic about Ethereum’s price rally to $2,000 and believe that the upcoming token unlock during the Shanghai hard fork will be a non-event. The option of stakers pouring ETH into liquid staking derivatives is expected to be popular. Meanwhile, Dogecoin (DOGE) price is surging higher after a gloomy day on Tuesday, mainly due to the bullish undertone emerging in the Asian stock markets. The move comes after China’s central bank pledged to provide more financial aid to companies, resulting in a bull wave in all risk assets. In other news, the FDIC is urging crypto customers to exit the defunct Signature bank, whether or not they have a new bank, by next week, to expedite the process for stranded cryptocurrency customers to leave the temporary organization currently managing assets belonging to the now-collapsed bank.