Price of ether (ETH) falls heading into The Merge

Ether was trading down on Wednesday with a little over 20 hours to go to The Merge, where the blockchain will transition to proof of stake.

The Terminal Total Difficulty required for the upgrade is fast approaching and it’s expected around Sept. 15 at 04:42 UTC. However, the blockchain’s native token, ether, is down 7.9% in the past 24 hours, trading at $1,599, per Coinbase data.

The second largest cryptocurrency by market cap fell in line with the broader financial markets and cryptocurrencies on Tuesday following a hot inflation report from the U.S.

Traders had hoped for a lower inflation reading of about 8% year-on-year and -0.1% month-on-month. Yet these figures came in at 8.3% and 0.1% respectively — causing crypto and equities to go into tumult. Bitcoin was also down on Wednesday, as the worlds largest cryptocurrency by market cap lost 9.3% to trade at $20,360 per Coinbase data

Despite Ethereum’s impending move to proof of stake, it appears that ether remains unable to recover from yesterday’s shock news. 

For the latest news and updates about The Merge, make sure to check out our live coverage.

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is The Block’s markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @AdamMcMarkets

Source: https://www.theblock.co/post/169885/price-of-ether-eth-falls-heading-into-the-merge?utm_source=rss&utm_medium=rss