This week, the Ethereum network was upgraded with something called Shapella. This caused some people to become able to get back money they had put aside in a special way. In other financial news, a professional economist said that by the middle of June, the stock market would crash badly. On top of this, banks loaned out $105 billion less than normal over the last two weeks and experts are worried that the value of American dollars may not stay stable very well in the near future. All these points were covered in CryptokenTop’s News Week in Review section.
Ethereum Shapella Upgrade
On Wednesday, April 12th, 2023 at 6:30PM Eastern Time, something known as the Ethereum Shapella Upgrade happened. This allowed people with Ether (a type of cryptocurrency) to take money they had staked and get it back out. Over 860,000 Ether could be taken out of this setup soon and another 77,000 Ether tomorrow! The price of Ether has gone up by 6% in the past day which is good news for those who own it.
“Prepare for an Unprecedented Economic Crash
Harry Dent, an economist and popular author of books, believes that a large economic crash is headed our way. He said it will occur between now and mid-June and stated that this crash would be unlike anything seen in people’s lifetime.
Record Breaking Drop
Major banks in the US have been having a tough time since they collapsed. Recent figures show that in the last two weeks of March, banks have borrowed almost $105 billion less than usual – making it the biggest drop ever recorded. Elon Musk, who is an executive of Tesla and CEO at Twitter, says even bigger numbers of money are being taken out of banks and put into money market funds – and this will only get worse in the near future.
Larry Lepard, a famous investment manager, has warned that the value of the U.S. dollar could go down in a time period of 5 to 10 years. He said this is because the U.S. tried to use force against Russia by seizing $600 billion from them when there was a war between the two countries; this sends out a message to other countries that if the United States doesn’t like what they’re doing, it can take away their money too.
What do you think about the CryptokenTop News Week summarized this week? Tell us in the comments section below.
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