Ethereum (ETH) price has seen a decline over the past 24 hours as developers identified several bugs after the Bellatrix upgrade was rolled out and traders feared the merger could become something of an event. ” sell the news “.
ETH is down nearly 5.7% in the past 24 hours to a price of $1,592. The fall was larger than that of Bitcoin (BTC), and enough to make ETH the second worst performer of the day among the top 10 cryptoassets by market capitalization after Solana (SOL).
This contrasts sharply with the fact that he had recorded the best performance in this category yesterday.
The price drop follows new details that Ethereum developers identified several bugs ahead of the merger, the event that will mark Ethereum’s transition from proof-of-work (PoW) to proof-of-work. stake (PoS).
Details of one of these bugs were shared by the Ethereum developer, Peter Szilagyi. On Twitter, Szilágyi has declared that the bug, found in Geth version 1.10.22, “creates a malfunction on trie/state”, adding that it “tries to find and fix the problem”.
Daniel Celedaanother Ethereum developer and consultant for the development company Ethereum Nethermindsaid they encountered a similar issue:
Good news does not necessarily sell
As the developers continued their discussions of technical risks as the merger approached, traders were – as always – focused on price. Among them, the popular economist and crypto trader Alex Kruger warned market participants of the risks as the merger approaches.
On Twitter, Krüger reminded his followers that Bitcoin fell 20% two days before the halving, and 10% a few hours before, calling it “a classic case of positioning driven by the ‘sell the news’ phenomenon ( sell the news).”
It would “make sense if this is also the case for ETH,” Krüger wrote.
Binance Confirms Support for Potential Hard Forks
During this time, Binance – the largest exchange by trading volume – announced on Thursday that it plans to support any tokens that may result from “hard forks” during Ethereum’s move to proof-of-stake.
In a statement posted on its website, Binance said that all tokens will be credited to users at a 1:1 ratio with ETH, while confirming that these tokens can be withdrawn from the platform.
Binance added that the potential listing of a forked token on its platform will go through “the same strict review process as any other coin/token”, and said “a listing is not necessarily guaranteed.
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