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2022-09-13

Ethereum Completes Last Shadow Fork

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Today’s Cryptocurrency Headline

Ethereum research and engineering firm Nethermind has confirmed that the transition in Mainnet-Shadowfork-13 — the last shadow fork — was successful, indicating that the network is ready to migrate to a proof-of-stake (PoS) consensus mechanism. Testnets allow Ethereum developers to practice functions such as running nodes, deploying contracts, and testing infrastructure. Thus, shadow forks allow developers to evaluate network upgrades before they happen. As part of the upgrade, the community needs to update the Ethereum client and run a combination of execution and consensus layers.

BingX’s Bitcoin Chart

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According to Glassnode, the total value in the ETH 2.0 deposit contract reached an ATH of 13,638,560 ETH. Bitcoin is up 2.55% over the last 24 hours and rose to an intraday high of $22,494.42. The cryptocurrency market and the traditional equity market have rallied since 09 Sept, suggesting that the investors believe the inflation has peaked, and the market has priced in the possible 75 basis point hike in the next FOMC meeting. The U.S. August consumer price index (CPI) will be released today at 12:30 UTC, and the market expects August CPI (YoY) declines to 8.1% from the previous 8.5%. If this happens, the BTC/USDT pair could attempt a rally to the overhead resistance at $25,211. Conversely, if the figure is worse than the expectation, the recent rally could be ended.

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