Ethereum Completes Shapella Upgrade, $7.3 Billion in FTX Assets Recovered
March’s Producer Price Index (PPI) data showed a downside surprise this morning, coming in at -0.5% MoM versus 0.0% expected and Core PPI at -0.1% MoM versus +0.2% expected. Traditional markets are rallying as the combination of CPI and PPI data has helped ease fears of inflation reaccelerating. The SPY 0.19% and QQQ -1.69% have risen 0.83% and 1.49%, respectively, while the DXY (-0.61%) is approaching its 2023 lows. Crypto markets are benefitting from the economic data and the successful completion of Ethereumâs Shapella upgrade, enabling withdrawals for ETH stakers and marking the completion of Ethereumâs shift to proof-of-stake. ETH (+4.20%) eclipsed $2,000 in Thursday trading, and BTC (+1.40%) is holding above $30,400. Ethereumâs successful upgrade may spark a rise in ETH/BTC (+2.84%) as it alleviates an Ethereum-specific risk, and thus far, selling pressure from stakers appears to be less dramatic than some were forecasting.
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