Ethereum’s widely-anticipated Shapella hard fork has gone live on the cryptocurrency’s mainnet, implementing with it Ethereum Improvement Proposal (EIP) 4895, which allows for the withdrawal of staked Ether (ETH).

The newly appointed CEO of collapsed cryptocurrency exchange FTX, John J. Ray III, is reportedly contemplating reviving the cryptocurrency exchange in a bid to recover value for its customers and creditors, with legal bills showing progress on that task.

Fintech firm Paxos has announced it’s withdrawing from the Canadian market at a time in which Canada has been tightening regulations on cryptocurrency platforms. Paxos noted it will continue to assess “its readiness to re-enter the Canadian market in cooperation with the Ontario Securities Commission (OSC) at a future date.”

Top stories in the Crypto Roundup today:

• Shapella Hard Fork Goes Live on Ethereum Mainnet
• FTX’s Legal Bills Show Progress on Exploring Relaunch Options
• Paxos Exits Canadian Market Amid Regulatory Uncertainty
• US Inflation Rate Hits Two-Year Low at 5%

Shapella Hard Fork Goes Live on Ethereum Mainnet

Ethereum’s widely-anticipated Shapella hard fork has gone live on the cryptocurrency’s mainnet, implementing with it Ethereum Improvement Proposal (EIP) 4895, which allows for the withdrawal of staked Ether (ETH).

Ethereum developers are keeping an eye on any possible problems that may arise from the upgrade’s implementation. The upgrade went live on the mainnet at block height 6209536. Along with the withdrawal mechanism, Shapella improved the network’s gas fees for some transactions, as the core team had explained on GitHub before.

The upgrade completes Ethereum’s transition to a Proof-of-Stake consensus mechanism and is widely expected to produce short-term price fluctuations as some of the staked Ether is withdrawn. Not all of the 18 million staked ETH will be available for withdrawal all at once due to limits on the amount that can be withdrawn.

With the Shapella upgrade, staked ETH can be withdrawn in two ways: partial and full. Partial withdrawals keep the validators running by automatically distributing the ETH to them, so they have the required 32 ETH balance. Full withdrawals stop the validator and take out the whole staked amount.

On-chain data has shown of all the validators moving to unstake, cryptocurrency exchange Kraken leads with over 60% of the exit queue breakdown. The number of validators in the exit queue surpassed the 15,000 mark.

FTX’s Legal Bills Show Progress on Exploring Relaunch Options

The newly appointed CEO of collapsed cryptocurrency exchange FTX, John J. Ray III, is reportedly contemplating reviving the cryptocurrency exchange in a bid to recover value for its customers and creditors, with legal bills showing progress on that task.

With the assistance of legal counsel from the prestigious law firm Sullivan & Cromwell LLP, FTX is examining the tax implications, cybersecurity concerns, and user experience aspects associated with a potential relaunch. The firm's February invoice for these exploratory efforts totaled $13.5 million.

FTX's collapse has left creditors reeling with $11.6 billion in claims. It’s currently unclear whether FTX’s new management team will proceed with the revival of the exchange and whether it will be a limited initiative to process withdrawals or a more comprehensive overhaul of the business.

Should FTX attempt to resurrect the exchange as a long-term enterprise, it would face a myriad of hurdles, including navigating the complex landscape of regulatory compliance and overcoming significant reputational challenges.

Paxos Exits Canadian Market Amid Regulatory Uncertainty

Fintech firm Paxos has announced it’s withdrawing from the Canadian market at a time in which Canada has been tightening regulations on cryptocurrency platforms. Paxos noted it will continue to assess “its readiness to re-enter the Canadian market in cooperation with the Ontario Securities Commission (OSC) at a future date.”

According to Paxos, customers will no longer be able to transact on the platform from June 2, with the only option after this datebeing withdrawals. Customers’ funds will “remain safely” in their accounts and will be reflected on their account balance. The firm has nevertheless urged customers to withdraw their balances.

Paxos is set to automatically close the accounts of users who do not have anyfunds on their accounts on May 9. Those who maintain a balance will still be able to access and withdraw their funds after June 2.

US Inflation Rate Hits Two-Year Low at 5%

In March, the United States experienced its lowest inflation rate in almost two years, as the Consumer Price Index (#CPI) declined to 5%, down from 9.1% in June.

This notable decrease can be attributed to fluctuations in key sectors, including gasoline, fuel oil, pre-owned vehicles, medical care, clothing, natural gas utilities, new automobiles, groceries, and electricity.

State of the Crypto by Top Tier Exchange Volume

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