Ethereum (ETH) dropped sharply in the past 24 hours on concerns over possible delay in its planned shift to a proof of stake model.
According to data from coinmarketcap.com, the second-largest cryptocurrency crashed over 10% to $1,588.57- its lowest level since March 2021. The token is trading down about 56% this year, and has fared far worse than its bigger peer Bitcoin.
Ethereum’s latest losses were triggered by several factors. A delay in a planned difficulty bomb, which is intended to eventually phase out mining on the chain, is the most recent source of downside pressure.
Higher-than-expected U.S. inflation figures on Friday also rattled crypto markets.
Ethereum merge possibly delayed
Despite a successful deployment of the merge on the Ropsten testnet this week, Ethereum developers decided to delay a planned difficulty bomb.
