Cryptocurrency News: Ethereum successfully completed its upgrade to a proof-of-stake network last night. The highly-anticipated move will make the cryptocurrency much more energy efficient. While the Ethereum community and Crypto Twitter celebrate the merge, cryptocurrency prices are down slightly Thursday morning.
With Ethereum’s merge Wednesday night, Bank of America says the staking consensus will resemble high-quality bonds. And the network upgrade could attract institutional investors, but there’s still economic risks.
Funko CEO Andrew Perlmutter says NFTs won’t go away anytime soon. The pop culture giant has seen success in its digital collectibles drops. And Funko is increasing its NFT investments as part of its goal to hit $2 billion in revenue by 2026.
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Bitcoin fell below $20,000 on Thursday, and was trading around $19,800 by the closing bell. While Ethereum slumped to $1,500 by Thursday afternoon, falling from $1,653 in the hours after successfully upgrading its network.
It’s been a tough summer for BTC. Its value tumbled 13.9% during August, sending it below its 200-week moving average of $22,680. And September is historically the worst month for the world’s largest cryptocurrency. Bitcoin’s price has fallen an average 8.5% in September over the last five years.
Ethereum successfully upgraded its network to a proof-of-stake consensus algorithm. It should make the Ethereum network faster and more energy efficient, and could cause plenty of businesses to buy in.
Scroll down for more cryptocurrency news and price updates.
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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