In crypto news this week, the Ethereum network got its long-awaited Shapera upgrade and staked Ether was unlocked. In the financial world, economist Harry Dent predicted a massive crash by mid-June, bank loans plunged $105 billion in two weeks, and the ability of the US dollar to hold its value in the short term is again in question. Other articles in the Bitcoin.com News Week in Review include.
Ethereum’s Chapera Upgrade to Unlock Staked Ether, Over 860K. ETH Poised for Retreat, Price Surges 6%
On Wednesday, April 12, 2023 at 6:30 PM EST, the Chapera upgrade on Ethereum was successful, allowing validators to withdraw staked ether. Data showed that more than 860,000 ether is poised to be unlocked, with 77,000 ether expected to be withdrawn on Thursday. Ether prices have surged, rising 6% against the US dollar in the past 24 hours.
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Economist Harry Dent predicts the biggest crash of his lifetime will happen between now and mid-June
. Harry Dent, economist and author of several best-selling books, has warned that the biggest crash of a lifetime will happen “between now and about mid-June.” And he emphasized: “People are saying that this is not a big adjustment, but a big crash, and in your lifetime … You will know that it is something you have never seen before.”
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U.S. bank lending falls record $105 billion in two weeks, trillions move into money market accounts; Elon Musk warns “trend will accelerate”
The U.S. banking industry continues to struggle after the collapse of three major banks. Statistics show that U.S. bank lending fell by nearly $105 billion in the last two weeks of March, the largest decline on record. Moreover, Tesla executive and Twitter owner Elon Musk recently commented that trillions of dollars are being withdrawn from banks to money market funds, claiming that “this trend will accelerate.”
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The U.S. dollar could lose most of its value within five years, investment managers warn
Investment manager Larry Lepard warns that the U.S. dollar could lose most of its value within five to 10 years. After the war between Russia and Ukraine began, “the U.S. did something that I felt was very foolish. It seized $600 billion in Russian currency reserves.
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