Ether’s (ETH) price rallied 50% leading in the London hard fork because many investors expect the upgrade to solve the issue of high transaction fees and make the altcoin a deflationary asset. Pantera Capital CEO Dan Morehead has predicted that the upcoming upgrade would likely cause Ether to “flip” Bitcoin (BTC) as the leading cryptocurrency, but this is a topic under heavy contention. To understand the impact of the recent price movement, traders should analyze the weekly options expiry. Deribit derivatives currently hold an 86% market share in this segment, and the aggregate open interest for Friday currently stands at …

The London hard fork arrived almost on schedule at 12:33 pm UTC on Thursday at block height 12,965,000, ushering in the Ethereum Improvement Proposal (EIP) 1559. With the upgrade triggered, Ethereum will now undergo a significant overhaul of the network’s transaction fee market and other parameters such as gas refunds among others. Under EIP-1559, each transaction on Ethereum will involve burning the base fee, which automatically decreases the Ether (ETH) circulating supply. Several exchanges, including Binance, announced a temporary pause to deposit and withdrawals on the Ethereum network due to the London hard fork. Some proponents of the upgrade say …

ConsenSys founder and Ethereum co-founder Joseph Lubin has implied that Ether (ETH) is transitioning to “ultrasound money” status ahead of the London hard fork slated to activate around 12:30 pm UTC on Thursday. During an interview with Bloomberg TV, Lubin was questioned on the imminent Ethereum Improvement Proposal (EIP) 1559 upgrade, which will see Ethereum transition away from a bidding-based fee market to a fixed price and burn mechanism. Lubin stated that the London hard fork is part of a broader global movement, in which the first step is the “democratization of the Earth,” and the second step is the …

Ethereum advocates are bubbling with anticipation over the upcoming London hard fork, which is scheduled to take place at block height 12,965,000 on Thursday. Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether (ETH) rallied from a low at $2,450 in the early hours on Wednesday to an intraday high at $2,772 for an 8.2% gain on the day. One of the most common occurrences in the crypto market is a large price run-up ahead of a major news announcement or protocol upgrade, which is subsequently followed by a price dump, as those who got in …

Bitcoin SV has reportedly suffered a “massive” 51% attack beginning at around 11:46 am Eastern Daylight Time on Tuesday, resulting in up to three versions of the chain being mined simultaneously. Analytics provider Coin Metrics confirmed Tuesday afternoon that its FARUM risk management platform had identified the 51% attack. FARUM has identified a 51% attack today on the BSV network at around 11:45AM EDT.https://t.co/Oy19UDw53t https://t.co/T3MMRHqPe8 — CoinMetrics.io (@coinmetrics) August 3, 2021 Information about the attack was further corroborated by Lucas Nuzzi, a network data product manager at Coin Metrics. “Someone is seriously trying to destroy BSV,” he tweeted, adding: “For …

Amid the looming Ethereum London hard fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether (ETH) outpace Bitcoin (BTC) as the largest cryptocurrency. As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade more like a fixed asset. One of five EIPs in the Ethereum London upgrade, EIP-1559 is an anticipated update to Ethereum’s existing fee structure, introducing a minimum payment for sending Ethereum transactions and move …

A vulnerability of a smart contract in one private DAO fund firstly to the leak of cryptocurrency worth tens of millions of dollars (billions as of today) and then to the hard fork of the second-largest blockchain network Ethereum. You can find tons of articles investigating those events, including a wiki page. Even though the purpose here is conclusions, let us refresh in memory what happened five years ago. The DAO was a startup that ran an investment fund in Ether (ETH) and operated as a smart contract on Ethereum. The DAO is a proper name that founders decided to …

Ethereum (ETH) has enjoyed a good run so far in 2021, with its value increasing from about $1,300 at the beginning of the year, to nearly $4,000 in May. However, Ethereum’s price aside, consistent problems on the Ethereum blockchain have brought to light the anger of traders and decentralized application (DApp) developers on the Ethereum ecosystem. Lack of scalability and high gas fees are the main issues. As one of crypto’s biggest platforms for decentralized applications, Ethereum has been dealing with network congestion that reflects the high gas fees that people have had to pay with every transaction. Since the …

The long-awaited London upgrade for the Ethereum network is edging closer as the code was deployed to the final testnet this week. Ethereum’s London hard fork, which will usher in the Ethereum Improvement Proposal (EIP) 1559 upgrade, has now been scheduled for Aug. 4, following the launch on the Rinkeby testnet on Thursday. Ethereum developer Tim Beiko posted the testnet update confirming that the code has now been successfully deployed to all three testnets. And we are live https://t.co/a5blKgbZym All three testnets have now successfully upgraded to London Note: because of OpenEthereum being deprecated after London, a block hasn't been …

Over the past week, astute crypto market analysts noticed some interesting developments related to the supply of Ether (ETH) as the network’s Aug. 4 London hard fork approaches. Recent data from CryptoQuant, an on-chain analytics firm, indicates that the amount of Ether held in cryptocurrency exchanges’ reserves has hit new daily lows since the start of July. To determine if this is a bullish or bearish development for the top altcoin, let’s take a closer look at some of the factors playing a role in the increased demand for Ether, including the Eth2 staking contract, increased activity in decentralized finance …

The Ethereum network will undergo a major upgrade on Aug. 4, as the long-awaited London hard fork is expected to launch at block 12,965,000. The transition is part of a roadmap leading to the Ethereum 2.0 release, which aims to migrate the network to a proof-of-stake consensus mechanism. By no longer depending on the intense energy-consumption mining, the main goal is to drastically increase the network's capacity by using parallel processing, also known as sharding. The upcoming London upgrade will implement the critical Ethereum Improvement Proposal EIP-1559, making Ether (ETH) gas costs more predictable. This controversial change includes a transaction …

Ether’s (ETH) $230-million options expiry on Friday appears to have shifted market sentiment in favor of the bulls, at least momentarily, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom. ETH price update ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks, according to Cointelegraph Markets Pro. Weekend trade volumes remained characteristically low at just over $18 billion. At current values, Ether has a total market capitalization of $274.8 billion. The decentralized finance (DeFi) market, which is largely built on top …