Ethereum (ETH) dropped 6.78% over the past 24 hours, falling below $1,600.
The second-largest cryptocurrency with a market capitalization of $192.73 billion is now changing hands at around $1,575 apiece.
The current trading price is 67% down from its all-time high of $4,891 recorded in November 2021, according to data from CoinMarketCap.
Ethereum's bearish price movement may be attributed to growing concerns regarding the future of Ethereum and its miners following the merge. The event is expected to occur in September.
“There are a lot of potential risks with ETH merge,” tweeted Evgeny Gaevoy, CEO of Wintermute. “The fact that people have been working on it for years doesn't mean it will work out perfectly.”
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ConsenSys CEO Joe Lubin talked about Ethereum 2.0 timing and impact, the power of DAOs, and gave his honest take on NFTs, Solana, Polygon, and Biden's crypto executive order in an extensive fireside chat with Decrypt's Dan Roberts at Camp Ethereal 2022 in Wyoming.
Currently, Ethereum leverages the same consensus model as Bitcoin, which requires so-called miners to run non-stop in order to verify transactions and maintain the network’s security. The merge event will shift from this consensus model to an arguably greener version called proof-of-stake.
The change also means that miners will no longer maintain the network, but validators. Instead of purchasing farms of machines to validate transactions, users can stake 32 Ethereum to become a validator on the upgraded network. Validators earn a yield for their work, but can also lose money if they behave fraudulently.
It’s this outdating of miners that has some mining groups making moves.
Antpool, the cryptocurrency mining platform backed by hardware manufacturer Bitmain has invested $10 million in Ethereum Classic, the “Original Ethereum,” to protect their business interest following the merge.
The story of a Wales man who believes he accidentally threw away $750 million worth of Bitcoin is now poised to get the Hollywood treatment.
On Wednesday, a new Los Angeles-based production company, Lebul, announced that it secured the exclusive rights to tell the story of James Howells, an IT engineer who mined 8,000 BTC back in 2009—when the tokens were effectively worthless—and then lost them all.
Howells maintains that a former lover threw away a hard drive containing the tokens back in 20...
Binance co-founder and former CEO Changpeng “CZ” Zhao claims to have been offering advice on how to set up crypto strategic reserves to countries across the globe. And he thinks that Europe is failing to keep up with adoption.
“We are talking with many countries, advising on how to set up a crypto strategic reserve,” Zhao said on a Token2049 panel. “Very basic fundamental stuff like what wallet solutions to use? Do you use a professional custody solution, or do you use your own cold wallets?”
Th...
A new survey by blockchain analytics firm Nansen and on-chain UX platform Reown has found that 62% of crypto users manage two or more wallets, up 15% from the previous year.
The YouGov survey of 1,000 active crypto users in the U.S. and UK points to a fragmented crypto ecosystem, with 48% of users needing to use multiple wallets to access different networks and chains.
Crypto users are also increasingly security-conscious, with 44% using multiple wallets as a security measure, up from 32.8% the...
