Wednesday, September 20, 2023
HomeEthereumEthereum Tanks 7% on Vitalik Buterin PoS Book Launch Day

Ethereum Tanks 7% on Vitalik Buterin PoS Book Launch Day

ethereum Co-founder Vitalik Buterin has just published a book, but he hasn’t been able to prevent the price of ETH from crashing further.

On September 28th, Vitalik Buterin tweeted about his book “Proof of Stake (The Making of Ethereum and the Philosophy of Blockchains)”. It was available in physical and digital editions. It is a compilation of the various writings he has produced over the last decade or so.

book is published in gitcoin Retailers such as Amazon sell the paperback edition for $16.99 and the digital edition for $12.99. There is also a signed digital copy in Non-Fungible Token (NFT) format available for Ethereum enthusiasts.

The story begins in 2013 when Ethereum Bitcoin A scripting language for application development.then the discussion continues proof of work The concept and the evolution of Ethereum Proof of Stake.

ETH has fallen 21% since the merger

Unfortunately for Ethereum holders, assets plummeted the day Buterin’s book was launched. According to CoinGecko, ETH is currently down about 7% in the last 24 hours, with him at $1,285 at the time of writing.

ETH price After hitting an intraday high just below $1,400 about 17 hours ago, the resistance proved too strong, leading to today’s decline. The asset has fallen about 18% over the past two weeks and is currently down 74% from its November 10 high of $4,878.

The long-awaited merge took place on September 15th, completing the network’s transition to Proof of Stake consensus, officially deprecating Proof of Work, and reducing energy consumption by approximately 99.95%.

However, the market had already priced this in as Ethereum traded as high as $1,780. mergeSince the beacon chain went live on mainnet, the price of ETH has dropped 21.5% to its current level.

ETH is currently trading at the support again, but if broken, the price could quickly slide to the next lower level and bottom above $1,000 during this bearish cycle.

Ethereum staking gains popularity

Despite the bearish price action, ETH staking It continues to grow in popularity among those seeking long-term investments. There is currently around 14 million ETH at stake worth $18 billion. This represents about 11.6% of the total supply seen so far. Significant decrease in issuance ever since merge.

Liquid or flexible staking assets like those issued by Lido are more capital efficient than simply holding unstaked ETH. Holders of assets such as stETH can gain exposure to the asset’s price volatility and maintain liquidity while gaining the benefits of staking that makes holding ETH obsolete.


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