- Ethereum (ETH) Merge upgrade seems to be witnessing barriers as the Beacon chain suffers a reorg issue.
- The crypto market has been witnessing downtrends for quite some time now; ETH, SOL, ADA, etc., all are down.
- ETH is currently trading at $1,775 and is down by around 12% in the last seven days.
The overall crypto market has witnessed a lot of downbeat trends in the recent few weeks, affecting the second-largest crypto-asset, Ethereum (ETH), along with Solana (SOL), Cardano (ADA), Avalanche (AVAX), etc.
Terra Acted As A Catalyst Of Chaos In The Crypto Sphere
The trends are yet ci\ontiuing as the overall crypto market is down. The major factors that acted as a catalyst were the recent meltdown of the Terra ecosystem. TerraUSD (UST) and LUNA slipped to zero.
According to Micahel Safai, managing partner at crypto trading firm Dexterity Capital, who highlighted to Fortune, now that the dust has initiated to settle regarding the stablecoin saga. The crypto markets have returned to the macro narrative that has been driving them the whole year.
At the time of writing, Ethereum (ETH) is trading at $1,775 with a market cap of $214,771,879,761 and is down by around 3.4% in the last twenty-four hours. And if we talk about the last seven days, ETH is down by a significant percentage, i.e., around 12%. This might be primarily due to the Beacon Chain issue.
Now that the vast network of Ethereum (ETH) is bracing itself for its long-awaited merge upgrade, it seems to witness a few obstacles too. The Merge is basically focused on Ethereum’s (ETH) transition from the Proof-of-Work model to the Proof-of-Stake model.
But recently, on Wednesday, the essential Beacon chain or the PoS chain of ETH witnessed a reorg problem. And this might pose a potential security issue for the network, and the Beacon Chain problem would be responsible for that.
Ethereum (ETH) co-founder Vitalik Buterin highlighted via a Tweet that the Client team has been scrambling to comprehend the situation so that they can think about what to fix in the last couple of hours.
Apart from ETH, the crowned cryptocurrency Bitcoin (BTC) has also consolidated between a range of $28,000 to $30,000 in the last seven days. BTC is currently trading at $28,887 with a market cap of $550,318,897,139 and is down by around 0.7% in the last twenty-four hours.
Although the enthusiasts and experts are not so optimistic about any bullish move as of now, it is to look forward to how the crypto market evolves in the coming future. And how the ETH team would work on fixing the Beacon Chain problems.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.