Good morning Asia, here's what's moving in markets: 1. ETH surged past $2.1K to build on its momentum after the Ethereum Shanghai upgrade. BTC is nearing $31.1K. 2. Columnist DanielGKuhn looks at Shapella's short- and long-term impact. by JPRubin23
Those crypto market observers expecting post Shapella selling pressure to send Ether's price plunging slogged through a day of disappointment.
"Many traders had been waiting for the end of the upgrade to start long position accumulation," Ilya Volkov, CEO and co-founder of crypto trading service provider YouHodler, wrote CoinDesk in an email."Therefore neutral news about U.S. inflation plus deferred demand pushed ETH price up." Shapella, also called the Ethereum Shanghai upgrade, is the final leg in the Ethereum network’s transition from a proof-of-work to more energy-efficient proof-of-stake protocol. Crypto market observers had been split on its impact with some predicting a price swoon but others seeing little impact of a price increase.
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