Cryptocurrency investors received EthereumPOW after the Ethereum blockchain’s successful holding of “The Merge” last week.
“The Merge” involved the second largest cryptocurrency system’s move from the proof-of-work method to the proof-of-stake system for securing the network.
We want to keep our followers updated regarding the latest developments in the Ethereum blockchain. We think this report about The Merge’s resulting cryptocurrency EthereumPOW is relevant, so we are sharing it on our portal.
EthereumPOW has the shorthand $ETHW. It is the hard fork of the Ethereum blockchain with the recently concluded “The Merge.”
EthereumPOW trades at exactly US$4.42 at the time of writing this news per the trading price data on Coinmarketcap.
It positions itself as the original Proof of Work Ethereum that the blockchain affirms as to which the community developed and ran.
Moreover, the offshoot virtual token that is a bonus cryptocurrency awarded to Ethereum holders represents much of the Ethereum blockchain’s legacy computing operations that opted not to participate in the software upgrade.
EthereumPOW has tumbled since late Thursday, September 15, 2022. This new cryptocurrency surged to a trading price of as much as US$60.68 on that day, based on the data from Coinmarketcap.
It also reflected some cryptocurrency exchanges’ IOU or debt acknowledgment values. EthereumPOW was on virtual currency bourses like FTX before Ether holders received it.
This additional cryptocurrency that Ethereum investors received after The Merge plunged as the risk-takers turned their attention back to the broader, risky investment assets sell-off, per the update posted on the Internet by Singaporean newspaper The Business Times.
Furthermore, EthereumPOW’s plummeting trading price happened as Ether fell to a seven-week low. The classic Ethereum cryptocurrency dropped as much as 6.5 percent to US$1,407 last Friday, September 16, 2022 to the lowest since July 27, 2022.
Ether trades at exactly US$1,340.04 at the time of writing this update per the trading price information posted on Coinmarketcap. Several cryptocurrency experts gave their perspectives regarding the events happening following Ethereum’s The Merge.
Okcoin exchange chief operating officer Jason Lau remarked that cryptocurrency traders unwound their Ether positions and rotated back into Bitcoin, with The Merge concluding mostly a non-event and overarching macroeconomic headwinds are still at play.
Galaxy Digital research associate Christine Kim cited that the latest drop in Ethereum and its offshoot token’s trading prices are likely due to a worsening macroeconomic backdrop that is causing a decline in the value of all risk investment assets.
She relayed that a widespread view among traders that Ethereum’s The Merge was a “sell-the-news” happening prevailed despite this software upgrade’s long-term positive effects.
We find it interesting to learn about the EthereumPOW cryptocurrency today. We understand that this new virtual asset is still in its very early stage, so instability is expected.
We hope cryptocurrency investors can find many helpful use cases for the EthereumPOW virtual currency in the coming years, similar to Ethereum.