Ether Nears Two Months High Ahead Of Major Protocol Change
Ether held near two-month highs on Thursday ahead of a major adjustment to its underlying ethereum blockchain that would alter the process of transactions. According to market players, the revamp will probably to go live on Thursday at around 1200 GMT or 5:30pm IST. The upgrade will occur when the 12,965,000th block on the blockchain has been verified.
The upgrade is considered as the Ethereum Improvement proposal (EIP). It will change the process of transactions that will help reducing the supply of ether token.
Ether is the world’s 2nd largest cryptocurrency. On Thursday, it went down by 0.5 percent. But fortunately, the value went up to the highest as compared to June, increasing it by 18 percent.
Learn more about ethereum- https://ethereum.org/en/
Ethereum price is around INR 2 Lakhs in India on August 5, 2021 at 11 AM.
Binance, OKEx, and others have said that they will suspend deposits and withdrawals of ethereum-based assets while they are dealing with their adjustments. This is because they want to reduce the trading risks brought by price volatility. It will also maintain the safety of user funds.