Ethereum and Its Forks Lose Massively as ETHPoW Drops 80%: Details
Gamza Khanzadaev Ethereum is down 25%, Ethereum Classic is even worse, but Ethereum proof of work is an absolute loser In the four days since Ethereum switched to the proof-of-stake consensus, Ethereum and all of its forks have fallen significantly. If ETH itself fell by more than 25%, ETC and ETHW showed even worse dynamics. Ethereum Classic was declining faster day by day and finished the week 3% lower than the main altcoin, while the fresh fork, ETHW, lost almost 80% in value in just four days. The fall of all Ethereum cryptocurrencies was forecasted by many when the first day after the event followed the sell-off of the altcoin and the rise of Pangingibabaw ng Bitcoin. The situation was exacerbated by the simultaneous release of a number of negative news reports describing both the SECs harsh plans, represented by its head Gary Gensler, for PoS cryptocurrencies, and the fact that 40% of all Ethereum PoS nodes are controlled by only two entities after the Merge. Failed forks It seemed that Ethereum Classic, which was growing by 230% on the eve of the Merge, had a chance to survive if all the miners, left without ETH, switched to ETC. Nevertheless, as it turned out, no