• ETH liquid staking tokens are soaring in value, with LDO and RPL rising by almost 10%.
• Bitcoin has dropped to a two-week low of under $22,500.
• Most altcoins have also dropped in value, aside from Ethereum liquid staking assets like LDO, RPL, and FXS.
Ethereum Liquid Staking Coins Soar
ETH liquid staking tokens have experienced a massive surge in price today. Leading the pack is LDO with an increase of almost 10%, followed by similar gains for RPL and FXS. Meanwhile, Ethereum itself is down 2% in the same period.
Bitcoin Retraces Toward $22.5K
Bitcoin has suffered a sharp decline over the past 24 hours and is now trading at around two-week lows of below $22,500. The vast majority of altcoins are also slightly in the red excluding ETH liquid staking coins like LDO, RPL and FXS which have seen significant gains.
Coinbase CEO Addresses Staking Concerns
The recent spike in prices follows comments made earlier today by Coinbase CEO Brian Armstrong who addressed concerns surrounding potential clampdowns from US authorities on staking activities.
Altcoin Performance
Most other larger-cap alts such as Binance Coin, Ripple, Cardano, Dogecoin and Polkadot are all down for the day except for those related to the ETH liquid staking niche which have seen sizeable increases in value. Shiba Inu and OKB have lost over 5% since yesterday’s close.
Conclusion
It remains unclear whether this uptick will continue or if it was just a temporary spike triggered by Coinbase’s announcement that there may be regulations coming soon regarding staking activities within the US market.