Price of ether (ETH) falls heading into The Merge
Quick Take
- Ether was trading at $1,599 on Wednesday ahead of The Merge.
- The Ethereum blockchain’s native token shed over 7% in the last 24 hours.
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.
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