• ETH staking grew but Bitcoin’s performance was much less than Q1.
• Exchanges and NFT trading volume dropped.

The second quarter of the year witnessed significant developments and fluctuations across the cryptocurrency landscape. Unlike Q1, the April to June period came with diverse outcomes for Bitcoin [BTC], Ethereum [ETH], the NFT sector, and trading volumes on exchanges experiencing.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

To begin with, one major event that happened at the start of the quarter was the Ethereum Shapella upgrade. And this was highlighted in CoinGecko’s crypto industry report. The upgrade, which was the first major upgrade on the blockchain after the Merge, happened on 12 April.

Staked Ether did not fall short

And this enabled validators to unstake the ETH deposited into the network if they desired. According to the CoinGecko report, ETH staking grew by 30.3% in Q2, with the usual suspect Lido Finance [LDO] dominating the staking provider standings.

However, the report did not fail to mention the decline in other staking providers— particularly exchanges. And the major reason for this was the regulatory issues Coinbase and Kraken faced with the U.S SEC. The report state

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Author: Victor Olanrewaju

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