Ethereum Staking Deposits Now Outpacing Withdrawals – April 19

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$29,287

Bitcoin price has slumped right back to Monday’s prices in the $29,000 range today, after failing to hold the $30,000 level.

Top-20 altcoins have taken a hit too, as Ether drops 5%, BNB falls 5% and Avalanche is the biggest loser with a 7% decline.

Top Stories for April 19, 2022 🔥

👉 Ethereum Staking Deposits Now Outpacing Withdrawals

Staking deposits on the Ethereum blockchain have begun to outpace staking withdrawals, just one week after the network’s Shapella upgrade, which enabled withdrawals for the first time.

It appears that stakers are more comfortable participating in the network, now that they are freely able to reclaim their stake at any time. Yesterday, around 91,500 ETH was deposited on the network, while 64,830 ETH was withdrawn.

Although the daily net flow has switched directions, the total net flow of ETH since the upgrade is still negative, with 486,150 ETH unstaked and withdrawn.

👉 Hong Kong Court Ruling Declares That Crypto Is Property

A Hong Kong court has recognized cryptocurrencies as property that can be held on trust, according to a case involving now-defunct crypto exchange Gatecoin.

The ruling would provide greater clarity on how crypto assets held by companies should be treated in wind-down procedures. The judge defined property broadly, in line with other common law jurisdictions.

While the court determined that cryptocurrencies can form the subject matter of a trust, in this particular case, it found that a trust had not been established.

👉 Intel To Stop Producing Chips For Bitcoin Miners

Intel plans to discontinue its line of Blockscale Bitcoin mining chips as part of cost-cutting measures, according to Reuters.

The semiconductor chip manufacturing company will stop taking orders for the Blockscale 1000 Series ASICs by October 20 and end shipping roughly in April 2024, prioritizing the manufacturing of certain chips to outside customers.

Intel reportedly said it planned to continue monitoring “market opportunities” in the crypto space after discontinuing the mining chips.