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Yesterday's crypto market crash was one for the record books. Ethereum (ETH) has been among the worst performers as its price entered two-digit waters for the first time since December, 2018. But it is here where some inhabitants of Crypto Twitter found an unusual opportunity.
Low entry
Last night, the second cryptocurrency lost almost 50% in a few hours and nearly touched its two-year low at $86 in one five-minute candle on major spot exchanges. On top of everything else, the Ethereum (ETH) network became congested due to a gas overload followed by a tremendous surge in miner fees.
But some have found something interesting, even in this bloodbath. Amy Jung of MakerDAO noticed that the 'entry ticket' to the Ethereum 2.0 validator team has never been this cheap.
It’s now $3350 USD to buy 32 ETH to stake on Ethereum https://t.co/Qiqc5OvMOV
— Amy Jung 🔥 (@itsamyjung) March 13, 2020
Mrs. Jung assumed that 32 ETH is the minimum stake needed to enter the upcoming Ethereum (ETH) 2.0 Proof-of-Stake network as a validator. This sum was announced by Carl Beekhuizen of the Ethereum Foundation R&D Department in November 2019.
Now, some attentive traders may have purchased a minimum validator stake for $2,752, cheaper than ever before.
Ethereum (ETH) 2.0 a catalyst for bullish reversal?
The long-awaited release of Ethereum 2.0, the Proof-of-Stake version of the Ethereum (ETH) blockchain may restore user trust in Ether after a terrific liquidation on the decentralized financial application scene. According to DeFiPulse, 78% of Ethereum (ETH) locked in DeFi apps was liquidated within the first four hours of yesterday's massacre.
Image by DeFiPulse
According to recent announcements, Ethereum 2.0 may be released as soon as this year, in co-existence with Ethereum (ETH) 1.0.