Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review

Shapella Upgrade Hits, Economist Predicts Biggest Crash "in Your Lifetime," US Bank Lending Plummets — Week in Review

In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review.

Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6%

On Wednesday, April 12, 2023, at 6:30 p.m. Eastern Time, Ethereum’s Shapella upgrade was successfully implemented, enabling validators to withdraw staked ether. Data reveals that more than 860,000 ether is poised for unlocking, and 77,000 ether is expected to be withdrawn on Thursday. Ether’s price has experienced a surge, rising 6% against the U.S. dollar within the past 24 hours.

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Economist Harry Dent Expects Biggest Crash in Our Lifetime to Hit Between Now and Mid-June

Harry Dent, economist and author of several best-selling books, has warned that the biggest crash in our lifetime is “going to hit between now and about mid-June.” He stressed: “People are going to know this is not a big correction — it is a major crash, one that you have not seen … in your lifetime.”

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US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of Twitter, recently commented on trillions of dollars being withdrawn from banks into money market funds, and he insists that the “trend will accelerate.”

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US Dollar Could Lose Most of Its Value in 5 Years, Investment Manager Warns

Investment manager Larry Lepard has warned that the U.S. dollar could lose most of its value within five to 10 years. Following the onset of the Russia-Ukraine war, “the U.S. did something which I perceived to be very stupid, which is it seized $600 billion of Russian currency reserves, and that sent the message to every other country in the world that ‘Hey if the U.S. doesn’t like what you’re doing, they can grab your money,’” the executive described.

Read More Tags in this story bank lending, Bank Lending Plummets, Elon Musk, Financial Crash, Harry Dent, Larry Lepard, Shapella upgrade, The Merge, USD value

What are you thoughts on this week’s Bitcoin.com News Week in Review? Let us know in the comments section below. Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. Mounting Trend of Challenges to USD Hegemony Reported: Saudi Arabia, BRICS; Ron Paul Weighs in on Potential Fall of Dollar as Reserve — Week in Review THE WEEKLY | Apr 9, 2023 Former Treasury Official Issues Dire Warning, Bill Ackman Fears Economic "Train Wreck," US Gov. Remains Top BTC Holder, and More — Week in Review THE WEEKLY | Apr 2, 2023

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