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Ethereum Arrives to London, Burning Begins, Price Jumps

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The highly-anticipated Ethereum (ETH) London upgrade is here, bringing with it the revamp of the network's monetary system through the Ethereum Improvement Proposal, or EIP, 1559.

The price of the second cryptoasset by market capitalization has been rising in the past week ahead of this upgrade, going up 21% in that time and 3% in a day. At 16:19 UTC, it was trading at USD 2,782.

It had hit its record high of nearly USD 4,357 (per Coingecko) in May, falling 37% since.

Some major exchanges decided to suspend ETH and ERC-20 tokens deposits and withdrawals during the time of upgrade, later resuming it, as there were no major issues registered after the hard fork. Binance said this is done to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the fork.

Topic starter Posted : 06/08/2021 9:54 am