Ethereum (ETH) Witnesses Huge Outflow From Crypto Exchanges

Ethereum (ETH) Witnesses Huge Outflow From Crypto Exchanges
  • There are 410,903 validators, who deposited ether into the contract.
  • ETH’s value has risen by 36.8% versus the US dollar in the last 30 days.

The delayed difficulty bomb and the news that The Merge will be postponed until at least September had previously been reported. To put it simply, Merge is a major update to the Ethereum (ETH) network that completes the move from PoW to Proof of Stake (PoS).

Two chains have emerged: the Beacon chain, which is optimized for PoS, and the original PoW chain. As of the same day, the ETH 2.0 contract has received 13,012,469 ETH. As of now, there are 410,903 validators, depositing ether into the contract.

Highly Awaited Transition

On July 14, software engineer and Ethereum Beacon chain community director, Superphiz, said that The Merge might occur during the week of September 19. The developer made it clear, however, that the timeframe was provisional and that the public should only rely on official releases for further information on the launch.

It’s been 30 days since The Merge’s announcement, and ETH’s value has risen by 36.8% versus the US dollar. Ethereum’s hashrate fell during the price increase, falling below the 1 petahash per second (PH/s) or 1,000 terahash per second (TH/s) threshold. Since then, the Ethereum network’s hashrate has increased to 1,000 TH/s, indicating an increase in computational processing capacity.

Statistics reveal that since July 5, a total of 2.36 million ether has been taken from exchanges, according to data provided by cryptoquant. As with Bitcoin (BTC), Ethereum has been a victim of the recent exodus of crypto assets from centralized exchanges in large numbers.

Large amounts of ether seem to be being removed from exchanges according to recent statistics. 1.82 million Ethereum tokens have been traded on exchanges during the past day, the highest amount for more than a year according to Chainalysis data.

Recommended For You:

Ukraine’s New Fiat Currency Restrictions To Benefit Crypto Sector

A crypto enthusiast. Loves to write. Gives full dedication to every task assigned. Specializes in delivering on tight deadlines. An animal lover, especially dogs.