In the latest news, Ethereum’s much anticipated Pectra upgrade has been postponed after a hacker compromised the rollout. ETH’s price was dumped 10% on the news, crashing below $1800.
It’s Tuesday, March. 11, and Ethereum investors are waking up to yet another demoralizing price chart that further tests their already-shaken confidence in the top altcoin.
In the last 24 hours, ETH prices have slipped by as much as 18% from yesterday’s high of $2140 to an intraday low of $1760 – a price last seen in December 2023.
The immediate cause of the crash was the revelation that the much-anticipated Ethereum ‘PECTRA’ upgrade would be postponed because a hacker compromised its rollout.
According to Ethereum developer Marius van der Wijden, the rollout of the final testnet ‘Sepolia’ of the upgrade started as scheduled, early morning on March 5.
However, he says that the geth nodes of the development team started reporting error messages and mining empty blocks.
He explains that the team realized the error was caused by a deposit contract error that triggered a transfer event instead of a deposit event. When fixing this error, they missed one edge case that an unknown user exploited, resulting in the same error. This has forced the developers to postpone the upgrade as they conduct more tests.
Sustained Price Drop Has Left Majority ETH Investors Out of Profit
According to data from CoinMarketCap, yesterday’s crash compounded Ether’s losses for the last 7 days to 9%, which brings the value loss over the last 30 days to 30%.
The crash also led to a flash liquidation of $237 Million worth of leveraged ETH trades – mostly long positions.
Together with the negative macros that have dragged down investor sentiment for more than a month, Ethereum’s sustained value drop has left the majority of ETH Hodlers out of profit.
At the time of writing, on-chain analysis of the coins indicates that as much as 52% of Ethereum investors are staring at unrealized losses.
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