Crypto

Ethereum »End of proof of work for February 2022

Ethereum developers plan to permanently disable proof of work by February 2022

  • Ethereum is the first choice for the next crypto ETF in the United States.
  • Applications submitted by Kryptoin and Gemini are pending with the SEC.
  • The dominance of the altcoin ETH remains close to 18% with an increase in on-chain activity on the DeFi and NFT platforms.
  • Ethereum development team is making progress on “The Merge”, planning a transition for 2022.

The SEC approval of the Bitcoin futures-backed ETF has paved the way for other cryptocurrency ETFs. Ethereum’s transition to proof-of-stake is approaching and analysts are expecting the price of ETH to explode.

Ethereum will migrate to proof of stake in February 2022

Ethereum’s ‘Triple Halving’ narrative is based on the transition to fusion proof. In their latest development update on October 16, the team revealed that the transition will be completed in February 2022. The update reads:

“Aim for the code to shut down PoW forever and be ready by February 2022.”

Supporters are debating the role of miners once the altcoin switches to proof of stake. The miners are expected to become obsolete after the merger and move their resources to mining Ethereum Classic or Ravencoin, as both can be mined using platforms that use graphics processing units (GPUs).

Additionally, following the approval of the Bitcoin ProShares ETF by the Securities and Exchange Commission (SEC), promoters are awaiting a review of Ethereum FNB applications submitted by Delaware-based investment firm Kryptoin and Gemini Trust Company. .

Lark Davis, YouTuber and cryptocurrency analyst, recently tweeted about an Ethereum ETF:

Altcoin dominance remains stable below 18%. Over $ 825 million worth of Ethereum tokens have been burned in the past 30 days, causing the circulating supply of ETH to decline.

The shortage of supply is historically linked to price increases. A drop in circulating supply associated with a drop in foreign exchange reserves is likely to trigger an increase in the price of ETH.

Simon Dedic, Managing Partner at Moonrock Capital, has predicted that Ethereum should enter price discovery mode once it closes above $ 4,000 this week.

ethereum eth twitter 18102021

FXStreet analysts assessed the Ethereum price trend and predicted that ETH will explode. Analysts have set a target of $ 5,200 USD for the price of ETH cryptocurrency.

By Ekta Mourya, FXStreet

Ekta Mourya is currently pursuing her MBA in Finance. He has been working in the field of cryptocurrencies since 2017. He has held positions in the marketing team of major Indian crypto exchanges Koinex and CoinDCX. She is interested in day trading and the derivatives market.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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