ETH traders ramp up positioning, setting a price target at $3.4K

XRP reserves on Binance have collapsed to record lows, reflecting intense selling pressure as the cryptocurrency market faces significant volatility and declining investor confidence. This situation is exacerbated by Bitcoin's struggles and the broader market's fear and uncertainty.

Ethereum's mainnet has raised its block gas limit to 60 million, marking the highest level in four years, as reported by network data. This increase is seen as a significant step in enhancing the network's capacity and efficiency ahead of the anticipated Fusaka upgrade.

Amundi has launched a euro money market fund on the blockchain, introducing the first tokenized share recorded on Ethereum, allowing investors to choose between traditional and blockchain-based versions of the fund.

Solana (SOL) has demonstrated resilience by maintaining its position above the critical $140 support level, despite a recent $37 million hack on South Korea's Upbit exchange, which has raised concerns in the cryptocurrency market. The exchange has suspended deposits and withdrawals following the breach, which affected its Solana wallet.

Bitcoin has recently traded above $90,000, with bulls needing to increase trading volume in both the spot and futures markets to sustain this rally. This price movement follows a recovery from a recent low of $80,000, indicating a potential shift in market sentiment.

Bitcoin has recently rebounded above the $90,000 mark after a period of intense selling pressure, yet the Coinbase Premium Index remains negative, indicating that US institutions are selling more aggressively than retail investors. This situation reflects ongoing market fears and uncertainty following a significant correction from the cryptocurrency's all-time high in October.

The Balancer community has proposed a plan to distribute approximately $8 million recovered from a $116 million hack that occurred in November. This initiative aims to provide restitution to the victims affected by the breach, reflecting a commitment to community support and accountability.

Ethereum has achieved a record-breaking spike in transactions per second (TPS), indicating a significant surge in network adoption despite a recent decline in its price. This unprecedented throughput showcases the blockchain's growing capacity to handle increased user activity and transactions.