Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Ether falls 1% ahead of major upgrade to ethereum network

08/04/2021 | 04:25am EDT
FILE PHOTO: A representation of virtual currency Ethereum is seen in front of a stock graph in this illustration

HONG KONG (Reuters) - Ether fell about 1% on Wednesday ahead of a technical adjustment to its underlying ethereum blockchain that would alter the way transactions are processed.

The revamp is currently anticipated to go live on Thursday in most time zones, according to market players, a little later than previously expected.

Technically, the upgrade will occur when the 12,965,000th block on the blockchain has been verified.

The ethereum network underpins a range of projects in the crypto world including non fungible tokens (NFTs) - a crypto asset, representing an intangible digital item such as an image, video, or in-game item - as well many decentralised finance (DeFi) applications.

Ether has rallied ahead of the upgrade, rising 40% in the past 15 days from a recent low. The token has more than tripled in value this year, outpacing bitcoin, the world's largest cryptocurrency, though both are sharply down from highs hit in May.

The upgrade, known as the Ethereum Improvement Proposal (EIP) 1559, will alter the way transactions are processed and provide clearer pricing for them.

It will also reduce the supply of the ether token and is likely to sharply boost its price.

Pantera Capital Chief Executive Dan Morehead told the Reuters Global Markets Forum this week that the changes will help ether trade more like a fixed asset and make it more attractive as a store of wealth.

Cryptocurrency exchanges Binance and OKEX said earlier this week that they were expecting the upgrade to occur at about 11:55 GMT on Aug. 5.

(Reporting by Alun John; Editing by Anil D'Silva)

ę Reuters 2021
All news about BITCOIN - EURO
09/22Fed to release paper on central bank digital currency soon, Powell says
09/22Bitcoin Gained 6.04% to $43445.06 at 5 p.m. ET -- Data Talk
09/22Financial Shares Climb as Fed Signals Possible Rate Increases -- Financials Roundup
09/22Robinhood to begin testing crypto wallets
09/22BITCOIN MINING AND HALVING DAY : Let's dig into it
09/22VC DAILY : Indian Ed-Tech Startup Boosts U.S. Expansion With Summer Deals
09/22WALL STREET STOCK EXCHANGE : Fed verdict is imminent
09/22ROBINHOOD MARKETS : to begin testing crypto wallets, with broader launch in early 2022
09/22Taper Talk in Focus at Fed Meeting
09/22Stock Futures Signal Stronger Opening as Investors Await Fed Statement; Europe, Asia Mo..
More news
Duration : Period :
Bitcoin - Euro Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BITCOIN - EURO
Short TermMid-TermLong Term