Cryptomustar
Monday, May 23, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Ethereum

Ethereum Price Falters Around $430 as ETH2 Testnet Experiences Outage

by admin
September 4, 2020
in Ethereum
0
Ethereum Price Falters Around $430 as ETH2 Testnet Experiences Outage
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter



  • Ethereum’s price has begun to falter after surging higher late last week.
  • The cryptocurrency trades at $430 as of this article’s writing, which is a few percent below and a few percent above the local highs and lows, respectively.
  • ETH is flat in the past 24 hours, trading down by a negligible 0.15%.
  • The stagnation in the value of the leading cryptocurrency comes as the Ethereum 2.0 (ETH2) testnet has experienced an outage.
  • It is unclear if the price action and outage are correlated, but ETH2 is a fundamental driver.
  • Analysts remain cautiously bullish on Ethereum in spite of the outage.

Ethereum 2.0 Testnet Suffers Outage

Earlier this month, Ethereum developers rolled out the final public testnet for the long-awaited ETH2 upgrade. The upgrade, which will be rolled out in multiple parts over a year or 2, is set to change how ETH operates; with ETH2, staking and sharding will be implemented, allowing for a network that should is faster and more decentralized.

The testnet has been dubbed “Medalla,” and it operated fine for a number of days.

On August 14th, though, reports began to spread online that something went wrong with Medalla.

In a post that rose quickly to the top of the Ethereum subreddit, a user shared the chart below. It shows that the “participation rate” of Ethereum validator nodes, which earn rewards for “staking” their coins, had plunged from ~75% to ~5%, then to 0%.

It was later explained by Preston Van Loon of Pryismatic Labs that there was an outage due to a bug in how Prysm clients track time:

“At approximately 17:30 UTC, @terencechain observed their clock was adjusted to 4 hours into the future. Shortly after, our pagers started going off, and then user reports started to flood in on discord. Something was really wrong. In the Medalla testnet, validator participation plummeted faster than $YAM. From 75% to nearly 5% or less. It was all hands on deck for the @prylabs team.”

Fixes have since been implemented, though developers are still trying to find the root cause of the event. It’s important to note that this is just an issue with one client, but since it was the most-adopted client, most validators were affected.

What’s Next for ETH?

In terms of ETH’s price action, analysts think there is heavy resistance ahead but remain cautiously optimistic. As reported by Bitcoinist previously, one trader said on the matter:

“ETH / USD: Weekly close looking completely nuts right now, I guess $475 would be the next major level of resistance. Probably expect a pullback to around $400 level before the end of the month to confirm this level as support but overall this is looking more bullish than ever.”

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

At the end of the day, though, Ethereum may just follow the directionality of Bitcoin.

Photo by Florian Olivo on Unsplash

Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Ethereum Price Falters Around $430 as ETH2 Testnet Experiences Outage



Source link

RELATED POSTS

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

Ethereum Layer-2 Scaling Solution Optimism Now Supported By Binance

Tags: ETH2EthereumExperiencesFaltersOutagePriceTestnet
ShareTweetShare

Related Posts

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

by admin
May 22, 2022
0

The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from...

Ethereum Layer-2 Scaling Solution Optimism Now Supported By Binance

Ethereum Layer-2 Scaling Solution Optimism Now Supported By Binance

by admin
May 21, 2022
0

Binance, the world’s largest cryptocurrency exchange by volume, announced on Friday that it had integrated the layer-2 scaling solution...

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

by admin
May 17, 2022
0

Terra took quite a beating as the Ethereum creator and CEO of Binance criticized Terra and UST token via...

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

by admin
May 15, 2022
0

Prince Charles spoke on behalf of the Queen of England (citing health reasons) at the House of Lords last...

Terra TVL Crumbles More Than $14 Billion

Terra TVL Crumbles More Than $14 Billion

by admin
May 13, 2022
0

Terra’s total value locked suffered a major fall, losing as much as $14 billion because of a reduced DeFi...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Chelsea Manning on the Sad State of Online Privacy

Chelsea Manning on the Sad State of Online Privacy

January 24, 2022
Uniswap Users Say Uniting Can Strengthen UNI

Uniswap Users Say Uniting Can Strengthen UNI

September 22, 2020
Bitcoin runs into ‘resistance’ again while Ethereum bumps 9%

Bitcoin runs into ‘resistance’ again while Ethereum bumps 9%

June 3, 2021
US SEC charges and arrests John McAfee after $23 million in illegal Bitcoin, ICO gains

US SEC charges and arrests John McAfee after $23 million in illegal Bitcoin, ICO gains

October 6, 2020

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Fantom Maker Announces the Closing of Its $1.8m Private Rounds Led by Dao Maker and Halvings Capital
  • Cardano IDO LaunchPad “Coollaunch” Records a buzzing progress as it Sells Out 0ver 11% Of $COOL Tokens Within Days
  • BabyMusk Coin Launches, As It Aims To Be The Next Big MEME Coin
  • Coinrealcap Announces Its Pinksale, Aims To Bring Advanced Crypto Tracking Features
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%