The crypto space has not been in the best of health over the past few weeks as the coronavirus pandemic and the associated turmoil in the markets took its toll. However, that does not mean that important developments have not been taking place in the crypto sphere amidst the turmoil.
Key Things to Watch
One of the most anticipated events in the crypto space at this point is Ethereum 2.0, and traders are eager to figure out how it is going to affect the price of the ETH token. The launch of Ethereum 2.0 is still a few months away, but it has created a lot of buzz in the crypto sphere already.
At this point in time, Ethereum is the second-biggest cryptocurrency in the world by market cap, and it is only natural that the launch has resulted in fevered speculation. It seems that experts believe the launch of Ethereum 2.0 is going to be a boon for the cryptocurrency. MetaCartel Ventures DAO Adam Cochran wrote a blog recently in which he stated that the launch could constitute the “largest economic shift in history.” It goes without saying that this is a bold claim, and it remains to be seen if it comes to fruition.
He stated that the staking rules with regards to Ethereum 2.0 could be the major boost behind the rise in the price of the cryptocurrency. Cochran revealed that the staking rewards of 3% to 5% could be a major incentive for big-ticket investors to join in. If that happens, then it is almost certainly going to have a positive effect on the price of ETH. That being said, investors should keep in mind that these are unprecedented times, and things could change very quickly. On that note, it is necessary to point out that the economic turmoil might actually prompt some big investors to stay away.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.