Over 100k ETH Staked As Dubai’s IBC Group Locks $10 Million Worth of Coins
Khurram Shroff of the IBC Group is locking up $10 million worth of ETH in partnership with CanETH of Canada to hasten the staking process. In total, the firm will control 687 validators from the 21,984 units staked. There are now over 102k ETH locked up by 3,299 different validators in the official Eth2 deposit contract. It should be noted that at least 524,288 ETH must be staked by Nov 24 for the Beacon Chain to go live. If not, the launch, scheduled for Dec 1, 2020, will be postponed by another week until this condition is met.
Analysts are confident the steady progress towards Eth2 is a net positive for prices. While $500 is capping bulls, a successful transition to a new consensus algorithm will be the much-needed tailwinds needed for lifting ETH prices above $500 and to new 2020 lows. Presently, the over 102k ETH coins is enough reason to be bullish on prices since it represents less than a quarter of the journey towards the Beacon Chain mainnet. The break above $500 will be delayed if the minimum threshold is not met in the next five days despite participation from heavyweights.
Impact on the ETH Price:
Bullish. The whale deposit from the investor of the Dubai-based company, IBC Group, might trigger more inflows from other holders. In the meantime though, progress is slow and barely a quarter of the Beacon Chain mainnet journey has been reached. Should the requisite number of ETH coins be locked up by Nov 24, bulls will easily drive prices to a new 2020 high.
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