ETH is down 3.48%, and the cryptocurrency has lost 73.78% of its value since its November 2021 all-time high of $4,891.70.
Ethereum follows Bitcoin in liquidations and is the second-largest liquidated asset over the past 24 hours, suggests data from Coinglass.
Long trades worth $32.88 million were liquidated in the past 24 hours. Short trades worth $6.35 million were also liquidated over the same period.

Bitcoin held range bound over the past seven days, trading between a weekly high of $20,388.46 recorded yesterday and a low of $18,290.32.

Today’s bearish price action puts Bitcoin down 73% from its historical all-time highs of $68,789.63 recorded in November 2021, according to data from

consecutive weeks of [stablecoin] inflows indicate that investors may be selectively increasing digital asset exposure after shifting defensively.”

The crypto market has been battered this year—along with U.S. stocks—as investors put their money into what are perceived to be safer assets, like the U.S. dollar, and avoid risk.

Reserve

 The most prominent exchange backer of ETF was Poloniex, which first announced that it would support EthereumFair “based on the market situation, consensus of users and the community.” Poloniex, which also renamed ETHF to ETF, subsequently added ETHW support as well.

By transitioning Ethereum from proof of work to proof of stake, the merge will change the way new ETH is created. At the moment, new ETH is generated via the energy-intensive process of “mining,” in which individuals direct huge amounts of computer power at difficult-to-solve puzzles and are rewarded with blocks of new ETH. But post-merge, new ETH will be generated by “staking.” Stakers pledge large amounts of already-existing ETH to create and earn new ETH.

Such an attack, though, could only ever occur if both the “real” asset on the Ethereum blockchain and the “copied” asset on the forked chain, possessed the same chain ID. And no viable forks of Ethereum plan to copy Ethereum’s chain IDs for exactly this reason.

We have a really explosive month with the ETH price chart, I expect ETH to hit 2.5K soon in September, which can be achieved by the success of Merge. POS is the inevitable future of Ethereum!

Because a campaign has emerged to fork, or split, Ethereum and preserve an alternative, proof-of-work version of the network, there exists a likelihood that all digital assets currently built on Ethereum will be duplicated come the merge. The “real” versions of NFTs and stablecoins will exist on the post-merge, proof-of-stake Ethereum network, but copies of those assets will also exist on the new, forked proof-of-work network, if it materializes.