Following the network’s latest Shanghai upgrade, Ethereum is soaring.

The second-largest cryptocurrency by market capitalization is currently up almost 6% over the past 24 hours, with ETH trading hands at around $1,980, per CoinGecko.

Liquidation data from Coinglass also suggest that bearish traders were proven wrong too, with Ethereum leading the pack at more than $44 million trades liquidated over the past 24 hours.

Of that sum, roughly 77% of those positions were short.

The successful execution of the Shanghai upgrade finally allowed Ethereum stakers to withdraw their holdings since staking first kicked off in December 2020.

This was the network’s biggest upgrade since last September’s merge event, when Ethereum moved from a proof-of-work consensus algorithm to a pr

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Author: Liam J. Kelly

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