On 24 November, a new hard fork called Shanghai was given the thumbs-up, and the proposed new version of the chain could feature the ability to withdraw staked crypto as well as plans to help the system work more quickly. This would include a new stage, called The Scourge, which would deal with problems relating to the amount of crypto extracted whenever blocks are added to the blockchain.Īs a result, the price went up to $1,661.33 on 4 November 2022 before settling back down to $1,604.48 on 7 November. The wider market collapse then, as we have already seen, caused it to drop to a low of $1,083.29 on 9 November before recovering to around $1,341.79 the next day and dropping to close 17 November at $1,200.81. By 2 November 2022, though, it had dropped back down to a low of $1,507.24.Īfter that there was another bounce as the platform’s founder, Vitalik Buterin, announced a new roadmap for the system. On the other hand, news that Google had launched a blockchain node-hosting service, with Ethereum the first blockchain to be compatible with the new platform, saw ETH break through the $1,500 mark on 25 October 2022 for the first time since the day of The Merge.Ĭoupled with news of crypto enthusiast Elon Musk’s takeover of Twitter, the token started a rally that culminated in a high of $1,652.38 on 29 October. Meanwhile, papers filed against former FTX boss Sam Bankman-Fried by the United States Commodity Futures Trading Commission (CFTC) on 13 December 2022 said the Commission considered ETH to be a commodity alongside other cryptos. The news came after reports SEC chairman Gary Gensler said the change to proof-of-stake made it more likely that ETH would be considered to be a security by the SEC. The papers said: “ETH contributions were validated by nodes on the Ethereum blockchain, which are clustered more densely in the United States than in any other country. As a result, those transactions took place in the United States.” ETH ‘could be a security’ No one can be entirely sure what might happen in the post-Merge, post-FTX crypto landscape. One potential unintended consequence might come in the form of crypto regulation. A case filed by the US Securities and Exchange Commission (SEC) against crypto investment trader Ian Balina hinted that the SEC could well consider the coin to fall under its remit. It hovered around this point for the next few weeks before a market upturn saw it worth about $1,325 as of the time of writing on 9 January 2023. There was some good news on 14 December when it reached a high of $1,346.17, representing its best price since the fall of FTX, but on 16 December it slumped to trade at around $1,215. By the afternoon of 10 November, though, it had recovered by more than 20% to $1,341.79.Ī week later, on 17 November, it closed the day at $1,200.81. This left FTX stranded, and the exchange announced that it had filed for bankruptcy on 11 November 2022.Īs a result of the ensuing market turmoil, the token dropped more than 30% from a high of $1,574.80 on 8 November to a low of $1,083.29 the following day. However, the new method of adding blocks to the blockchain did not prevent the coin from being hit by serious losses after Binance ( BNB) announced it would buy rival crypto exchange FTX, then pulled out of the deal. On the flipside, Ethereum 2.0 is not expected to immediately address the network’s high gas fees. Industry experts expected Ethereum 2.0 to make ether ( ETH) more attractive by reducing its circulating supply and making it “net-deflationary”. Then the collapse of the FTX ( FTT) exchange crashed the market and ETH could not escape, although it has remained the second-largest crypto in terms of market cap. The price of ETH initially stagnated following 15 September’s change because, despite the hype around what some people called ‘Ethereum 2.0’, it was still the same old ether.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |