Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$78,278.00
1.61%$1,502.57
1.89%$1.86
1.10%$567.03
2.94%$0.999845
0.00%$108.23
4.20%$0.148751
3.11%$0.231324
0.22%$0.579877
1.90%$1,502.45
1.70%$78,248.00
1.71%$9.16
1.92%$0.999764
-0.01%$3.06
3.95%$11.51
5.05%$17.39
5.78%$0.223902
-0.30%$0.00001115
3.02%$0.154085
2.05%$1,802.18
1.44%$1.98
1.52%$6.32
2.92%$277.03
1.92%$72.15
4.67%$3.42
-1.62%$0.999346
0.03%$0.99861
-0.07%$4.06
1.67%$12.99
19.12%$1,507.04
2.34%$27.75
-0.19%$0.578206
3.49%$195.56
-1.54%$1,603.45
2.37%$52.27
5.56%$1.046
0.03%$4.94
-0.06%$0.00000653
7.76%$78,430.00
1.78%$4.41
0.36%$21.35
2.89%$0.772752
6.25%$1.94
-1.73%$28.56
-0.57%$0.082955
1.41%$4.70
4.14%$0.667586
-0.79%$14.34
2.06%$1.16
0.06%$1.00
0.00%$130.28
3.01%$4.33
4.51%$0.999191
0.17%$206.66
5.69%$0.02055044
3.44%$4.03
-0.03%$78,153.00
1.62%$0.062357
2.44%$0.291025
1.58%$3.00
3.92%$7.73
2.62%$2.35
3.35%$0.17483
3.85%$2.35
-1.27%$0.162541
1.48%$0.409251
0.18%$78,344.00
1.86%$0.277316
5.10%$3.46
2.37%$9.82
8.09%$4.33
6.67%$1,272.90
4.58%$0.686504
-2.39%$0.400637
5.02%$0.619652
5.75%$1.001
0.04%$0.063919
0.12%$0.346528
4.54%$0.977565
1.60%$113.07
4.48%$1,504.26
2.19%$15.64
-0.55%$61.17
0.80%$1,559.40
1.89%$1.00
0.08%$0.556855
1.99%$0.999127
-0.01%$0.647141
4.27%$0.00001021
5.27%$0.999742
0.02%$0.998245
-0.01%$0.312134
-0.20%$3,095.39
3.31%$1,697.26
2.16%$0.01150618
0.69%$0.721045
3.33%$7.31
4.03%$0.396694
3.96%$0.145071
0.07%$78,143.00
1.82%$0.072967
0.75%$3,103.09
3.48%$566.27
2.68%$0.485264
8.12%$78,429.00
1.76%$0.999106
0.02%$0.59564
3.18%$0.617608
14.06%$0.672515
8.04%$0.242913
4.51%$0.01333801
3.66%$1,595.97
2.13%$0.098028
0.62%$35.48
3.25%$0.00000057
0.23%$0.151645
4.49%$1.86
10.56%$26.85
3.73%$0.999311
0.01%$0.330847
5.03%$0.413148
0.39%$1.62
1.29%$0.01049804
3.36%$3.09
10.88%$138.65
3.86%$0.995974
-0.22%$0.00005051
5.26%$0.485867
2.78%$0.999638
-0.03%$0.067931
-3.18%$1.60
2.81%$1,563.98
2.04%$0.421599
4.25%$77,350.00
2.52%$2.48
-1.71%$0.999782
-0.00%$118.51
3.65%$1.61
-5.58%$0.120667
4.16%$13.15
3.99%$1.085
-2.25%$0.157074
1.82%$1.009
1.41%$1.082
-0.00%$110.62
0.01%$1.00
-0.02%$0.216138
5.29%$0.527416
2.50%$0.0000004
-0.70%$78,256.00
2.22%$0.999934
0.03%$5.60
8.99%$78,363.00
2.36%$0.420764
4.28%$3.61
-0.99%$0.148443
3.02%$0.00412041
2.22%$0.00667043
7.17%$13.09
2.56%$2.29
3.82%$0.12654
6.04%$1.039
3.18%$22.17
-4.94%$1,596.28
2.06%$0.03734333
2.97%$77,106.00
-1.01%$0.00001776
3.69%$77,966.00
1.36%$0.069443
7.15%$0.997966
-0.03%$0.170645
10.13%$37.76
1.85%$0.337744
3.84%$0.536845
0.58%$5.06
2.97%$1,502.04
2.13%$1.53
9.63%$0.998504
0.01%$0.999447
0.03%$1,505.26
2.55%$0.070326
2.18%$0.00000156
0.02%$0.395787
3.11%$1,504.07
2.22%$0.00593197
0.08%$0.744835
-0.05%$1,575.51
2.34%$0.174477
3.78%$0.00005559
2.76%$0.999654
-0.04%$0.310796
3.30%$0.449702
0.95%$0.998968
-0.00%$0.00870063
1.59%$0.02892909
-3.76%$3.61
-1.54%$0.00332242
2.28%$1,521.91
1.41%$0.130487
8.67%$0.33376
5.89%$2.40
3.63%$1,506.00
1.12%$3,084.27
3.01%$0.02622371
5.85%$0.0040797
4.69%$78,183.00
1.54%$96.36
0.50%$0.200511
3.68%$2.57
-0.70%$19.86
2.95%$1.00
0.10%$78,136.00
1.92%$1,483.47
2.38%$0.203643
5.07%$0.47066
2.87%$0.94613
0.45%$0.986355
3.39%$0.410961
0.92%$0.232245
5.75%$0.513541
2.12%$1,505.87
2.40%$0.162218
4.07%$20.43
0.11%$0.03220622
6.59%$0.02799089
2.53%$0.997461
-0.03%$1,573.33
1.69%$1,589.43
1.95%$0.506124
2.00%$0.865107
-1.87%$0.999952
0.00%$1,648.41
2.49%$12.73
2.93%$0.612121
5.30%$17.42
5.10%$0.08958
2.54%$0.999776
0.06%$12.06
-8.14%$0.01012014
4.17%$1,638.01
2.50%$77,927.00
0.92%$1.84
6.82%$0.051806
4.59%$1,500.17
1.37%$2.39
-8.07%$0.41524
4.36%$0.21798
4.92%$0.00248273
0.38%Reading
With the highly anticipated Ethereum merge happening next month—and the blockchain moving from proof of workproof of work to proof of stakeproof of stake—the biggest crypto companies are now beginning to announce what the experience will look like for retail investors.
Coinbase will temporarily pause Ethereum and ERC-20 tokentoken deposits and withdrawals during the merge, the exchange announced Tuesday.
The pause is a precautionary measure, Coinbase said in a blog post, with the downtime allowing the exchange to “ensure that the transition has been successfully reflected by our systems.” The “merge” refers to a significant protocol update that will see the Ethereum mainnetmainnet combined with the proof-of-stake beacon chain, completing the network’s transition to proof of stake.
“Pausing deposits and withdrawals during an asset upgrade is standard operating procedure,” a Coinbase representative told Decrypt via email.
Indeed, Coinbase and other crypto exchanges have paused deposits and withdrawals in the past when blockchainblockchain networks underwent major changes. For example, in 2017, Coinbase paused activity during the Bitcoin and Bitcoin Cash split. The exchange did so again in 2018 and 2020 when Bitcoin Cash experienced subsequent hard forks.
If you were trading crypto back then, then you know the drill by now. But if you’re new to crypto, updates from Coinbase regarding what to expect may provide some peace of mind.
“We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products,” the company further explained in its post detailing how the Ethereum merge will affect its customers.
The long-planned upgrade to Ethereum aims to improve the network’s scalability and security by switching to a proof of stake consensus mechanism.
The tokens will still be tradeable on Coinbase, meaning customers with existing ETH and ERC-20 assets will still be able to swap for other cryptocurrencies and buy and sell with existing funds during the merge, which is expected to happen on or around September 15 or 16.
Coinbase did not provide specifics on exactly when its deposits and withdrawals will be paused, but the company’s Twitter and status website may provide updates.
“At this time, we are only anticipating pausing deposits and withdrawals for a short period of time. We cannot say for certain until the start of the merge,” a Coinbase rep told Decrypt when asked for specifics on the duration of the pause.
A look into the Ethereum derivatives market indicates that the "merge"— a long-awaited upgrade to the Ethereum network—is setting the stage for crypto traders to "buy the rumor, and sell the news." That’s according to the blockchain intelligence firm Glassnode, which today reported "backwardation" across both ETH options and futures heading into September, when the merge is expected to occur. The term backwardation refers to when prices for an asset in the futures market are lower than its under...
While other crypto exchanges will likely follow similar procedures, only Coinbase has so far provided notice to its users. But a Binance representative confirmed to Decrypt via email that it also plans to pause ETH and ERC-20 token deposits and withdrawals and will share further details soon.
Representatives for FTX, Crypto.com, and Gemini did not immediately respond to Decrypt’s request for comment.
Why might deposit and withdrawal pauses matter? If prolonged, it could affect the price of Ethereum and the ability for traders to enter and exit positions. While Coinbase said it anticipates the delay to be brief, it could still make it a little more difficult for traders to “buy the rumor, sell the news” when the merge happens, as analysts expect.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Fresh off the success of a flawlessly-implemented merge event last month, Ethereum’s core developers are beginning to turn their attention to the network’s next, highly anticipated upgrade: Shanghai. The Ethereum Foundation on Friday announced the launch of a pre-Shanghai testnet it's calling “Shandong.” Shandong will serve as a testing ground for numerous Ethereum Improvement Proposals (EIPs), which Ethereum’s core developers will build, tweak, and ultimately, whittle down to the select number...
Offchain Labs, developer of popular Ethereum layer 2 scaling solution Arbitrum, has closed a deal to acquire Prysmatic Labs, one the core software development teams responsible for maintaining, upgrading, and innovating the Ethereum network, Offchain announced Wednesday. The move signifies a major development for Arbitrum, one of the many so-called rollup solutions built atop the Ethereum network. Rollups sidestep the Ethereum mainnet’s slow speed and volatile, often exorbitant gas fees by coll...
It's been a great week for Ethereum—and yet one of the worst in a while for ETH. Despite the success on Thursday of Ethereum’s much-anticipated merge, which saw the network flawlessly transition to proof of stake, the network’s native cryptocurrency, ETH, has plummeted some 18.5% in the last three days alone, to $1,419.07 at writing. ETH is down 5.6% today, hitting a low of $1,416.57 early Friday afternoon. The second-largest cryptocurrency by market capitalization appears close to breaching $...