BTC, ETH, DOGE Trade mixed ahead of Shanghai upgrade

Major coins traded mixed on Sunday evening as investors continue to anticipate the impending regulatory challenges.

What happened: The highly anticipated Ethereum Shanghai the upgrade is just a few days away and it’s creating a lot of buzz. But despite the rollout, there are no signs of sales pressure. This is largely due to the fact that a significant amount bet Ethereum ETH/USD is currently at a loss.

See more: Best Crypto Day Trading Strategies

In accordance CryptoQuants research report released in February, a significant proportion of the ETH that has been staked is currently experiencing losses. The study reveals that the average ETH holder who has staked their digital assets is currently incurring an 18% loss on their holdings.

At the time of writing, the global cryptocurrency market capitalization was $1.19 trillion, up 0.37% over the past day.

Technology stocks led the way in driving forward S&P 500 into the green on Thursday, which marked the end of a short trading week before the long weekend. Despite signs of a weakening labor market, the market closed at a high level, with the S&P 500 rising 0.36%. The Nasdaq Compositewhich focuses on technology companies, outperformed the S&P 500 with a gain of 0.76%.

News Highlights: A smart contract flaw within the well-known decentralized exchange SushiSwap has resulted in the illegitimate withdrawal of approximately $3.3 million worth of Ethereum. The problem, as analyzed by the cryptanalysis company PeckShieldconcerns the contract approval process, which has been associated with a recent update that went into effect a few weeks ago.

Analyst Notes: “Bitcoin was mostly unaffected by non-farm payrolls reports. It looks like crypto traders are headed for a long weekend as the consolidation phase remains intact as Bitcoin remains trapped in its range. Bitcoin needed a soft jobs number to trigger a market reaction and it is not that. what happened today. Regardless, Bitcoin still has the potential for a big move in the next couple of weeks. Option volumes are at record levels, interest is increasing and if we get a positive development, it could trigger institutional interest,” said Ben Caselinvice president of Crypto Exchange headquartered in Dubai, MaskEX.

Edward Moyasenior market analyst at OANDAsaid, “The overall crypto market remained flat due to the long weekend with BTC and ETH witnessing marginal swings in their prices. Regulatory pressure on Binance could shake up the crypto market this week and investors will be closely watching developments around the same.”

He added, “The Shanghai upgrade of the Ethereum blockchain will keep the market moving as it is the most anticipated event since the Ethereum merger. BTC may have entered the early bull run phase as we approach the Bitcoin halving coming in May 2024, but this momentum could be temporarily but nonetheless significantly disrupted if macroeconomic factors take a turn for the worse.”

Michael van de Poppesaid a cryptanalyst, Bitcoin BTC/USD is currently consolidating at a crucial support level and it has the potential to increase to $28,500. He predicts that if Bitcoin manages to test a crucial resistance level between $28,600 and $29,000, it could lead to a significant breakout. “More importantly; confidence will return in the markets then, so you will see more Altcoins start to break out.”