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The Ethereum blockchain is about to receive an important update on April 12th, namely the Shanghai Upgrade. The main purpose of this upgrade is to enable the extraction of Ethereum (ETH) already pledged on the Beacon Chain. Currently, over 17 million Ethereum coins are locked on the Beacon Chain, accounting for over 15% of ETH's total supply.How will this upgrade affect the price and market of ETH? We believe that from multiple perspectives, the upgrade in Shanghai is beneficial for ETH, for the following reasons:Enhancing the attractiveness of beacon chains Beacon chain is a core component of Ethereum's Proof of Rights (PoS) consensus mechanism, which enables Ethereum networks to be more secure, efficient, and environmentally friendly. Currently, to become a verifier of the beacon chain, at least 32 ETHs need to be pledged and cannot be extracted. For some users, this may be a high threshold and risk. After the upgrade in Shanghai, pledgers can freely extract their ETH and rewards, which will reduce the cost and risk of pledging, attract more users to participate in pledging, and increase the security and decentralization of the Ethereum network.Reduce the cost of second tier solutions

In the past 24 hours, the net outflow of cryptocurrency market value was $10 billion, currently $1.20 trillion, a decrease of 0.96% from $1.21 trillion.The market value of Bitcoin increased by 0.43% to $563.18 billion during this period, while the market value of Ethereum decreased by 1.24% to $22.74 billion.During the reporting period, the performance of the top 10 cryptocurrencies was mixed. The largest gainers were Caldano and Bitcoin, with gains of less than 0.5% each.Others, such as dog coin, BNB, Solana, Boccado, Litecoin, and XRP, lost more than 2%, respectively.The market value of the tether (USDT) and the dollar coin (USDC) increased slightly to $81.61 billion and $30.73 billion, respectively. In contrast, the Binance US dollar fell to 6.3 billion US dollars.MusicIn the past 24 hours, the trading price of Bitcoin has increased by 0.1% to $29008, as of 07:00 Eastern Time in the United States. Its market dominance has increased from 46.6% to 47%.During the reporting period, the volatility of Bitcoin wiped out over $300 million in profits, following rumors that the US government and bankrupt password exchange company (Mt. Gox) were selling this asset. CryptoSlateInsight reports that the sharp fluctuations in Bitcoin prices are caused by poor market liquidity.

Edited by: Bi LumingData shows that Bitcoin has risen by 40% this year, while Ethereum has risen by more than 30%.

On April 26th, Titanium Media App reported that Bitcoin broke through $29000 upwards, with a daily increase of over 6%.

As 2022 draws to a close, Bitcoin will usher in 13 consecutive years of record market prices. Historical records show that in these 13 years, there will be a "Christmas rise" in December of 7 years, and a negative return in December of 5 years

After approaching $27000 yesterday, Bitcoin rebounded strongly today, reaching the $30000 mark, and Ethereum also broke through $1960 at its highest. The strong rise has also led to as many as 38000 positions being sold out in the past 24 hours, with a total online exposure of $140 million