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Ether drops after smart contract network completes long-awaited ‘merger’


The price of ether fell on Thursday after the Ethereum network completed its transition to a proof-of-stake consensus mechanism, also known as “consolidation”.

Ether lost 8% to trade at $1,484.55, according to Coin Metrics. Traders had expected to see a drop in prices following Wednesday night’s conversion.

Investors have been cheering Ethereum’s planned technology upgrade for months for its ability to turn ether into a profitable asset and improve the security of the network in an energy efficient way. Many people have called it one of the most important moments in the short history of cryptocurrencies.

However, the market is still mostly macro-oriented. Ether prices were little changed for much of the morning but fell along with stocks, especially the Nasdaq Composite, which fell 1.7 percent.



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