• Funding
  • Investing
  • Lending
  • Insurance
  • Banking
  • Wealth
  • Fintech
  • Venture
  • Crypto
Subscribe
No Result
View All Result
  • Equity Funding
  • Stocks
  • Mutual Funds
  • Credit Cards
  • Loans
  • Insurances
  • Savings
  • Crypto Trading

Ethereum 2.0 Goes Live and ETH Plunges by 9%: Here’s What You Need to Know

Blockchain NewsbyBlockchain News
December 10, 2020

Ethereum 2.0 Phase 0 has just launched today. Phase 0 of Ethereum 2.0, also known as the Beacon Chain will introduce a new consensus mechanism—proof of stake—to the network. Ethereum’s first step towards a massive upgrade has just gone live at 12:00 pm UTC today.

Ethereum 2.0 Finally Goes Live

The launch of ETH 2.0 went smoothly, as the required stake participation rate has been reached to finalize the upgrade of the blockchain. The proof-of-stake algorithm allows for the confirmation of the blocks to be more energy-efficient, and requires validators to stake Ether instead of solving a cryptographic puzzle. 

A week before the launch of Ethereum 2.0, the minimum required for the deposit contract was reached as over 524,288 were locked up. Ether’s price has rallied prior to its launch, as many investors were bullish on ETH as an enormous amount of Ethereum were deposited.

At the time that the Beacon chain was launching the proof-of-work difficulty on Ethereum also hit an all time high. Vitalik Buterin, the co-founder of Ethereum recently celebrated the first block of ETH after its upgrade, tweeting:

“Normal people: we should really put something profound in the first block of the ethereum PoS chain, something about giant leaps for mankind or whatever.”

Prior to the launch of the Beacon Chain, Ethereum was trading at a high of $632, however, Ether’s price plunged soon after by 9 percent, trading at lows of $571. Ethereum has slightly regained some strength, and is currently trading at $590. 

Ethereum’s price crash also comes at a time where Bitcoin dropped by $1,600 within two hours, as selling pressure increases as the world’s largest cryptocurrency nearly tops $20,000. With high levels of volatility seen by Bitcoin, the digital asset attempted to hit a new resistance level at $20,000. However, selling pressure took over and Bitcoin shed 8 percent. 

Ethereum’s transition to proof-of-stake will allow the blockchain to see upgrades including sharding, which would improve scalability. The Ether currently staked would likely be locked up until Phase 1.5 of Ethereum 2.0, which is scheduled for late 2021 to early 2022. Ethereum’s current mainnet will merge with the new beacon chain in the next phase.

Although Bitcoin has recently reached a new all-time high, Ethereum still has a long way to as the crypto currently still over 125% away from its all-time high. 

Image source: Shutterstock Read The Original Article on Blockchain.News

Tags: Eth 2.0EthereumPOS

Related Topics

Personal Finance

Expedia Group debuts online Covid info search for 7 travel brands

Bitcoin

Millennium Management Hedge Fund Gains Exposure to Bitcoin through Grayscale

Prev Next

You May Like

Personal Finance

Expedia Group debuts online Covid info search for 7 travel brands

Bitcoin

Millennium Management Hedge Fund Gains Exposure to Bitcoin through Grayscale

Advisory

Biden tax plan may lead to more Roth retirement accounts

Advisory

Just 3% of near-retirees can correctly answer all of these Social Security benefit questions

Financial News

Earning

Earnings season kicks off soon and results could be better than feared

CNBC News
by CNBC News
Stock Market

Fed lowers minimum loan level for small business lending program

CNBC News
by CNBC News
Personal Finance

Medicare Part B premiums will rise by 2.7% in 2021

CNBC News
by CNBC News
Blockchain News

Huobi COO Reportedly Under Investigation, with $400M Sent to Crypto Exchange

Blockchain News
by Blockchain News
Blockchain News

Ripple’s First Court Date for SEC Lawsuit of XRP Tokens Set for February 2021

Blockchain News
by Blockchain News
Stock Market

Stocks making the biggest moves in the premarket: IMAX, CoreLogic, CoStar Group & more

CNBC News
by CNBC News
Bitcoin

MyEtherWallet Now Offers In-App Staking for Ethereum 2.0

CoinDesk
by CoinDesk
Blockchain News

US Justice Department Charges John McAfee with Cryptocurrency Fraud

Blockchain News
by Blockchain News
Load More

© 2020, FinanceLane

Home | Contact | Terms and Conditions | Disclaimer | Privacy Policy

  • Home
  • News Feed
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2020 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
← S&P’s decision to add Tesla in one shot demonstrates the power of passive investing ← For 42 million student loan borrowers, monthly payments will resume January
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.