Ethereum worth $ 4.1 billion was moved from the stock exchanges in March 16

Ethereum worth $ 4.1 billion was moved from the stock exchanges in March

Rising Ethereum prices as supply declines

Etherium (ETH), worth nearly $ 4.1 billion, has been removed from centralized exchanges since March, leading to speculation about rising Ethereum prices as supply declines across multiple trading platforms.

According to statistics published by the cryptocurrency analysis service IntoTheBlock, a total of 1.268 million Ethereum worth $ 4.18 billion at the current exchange rate was withdrawn from centralized exchanges in March.

According to IntoTheBlock, the price of Ethereum has risen 32% since 180,000 ETHs were removed from centralized trading platforms on March 15.

The cryptocurrency firm announced another major ETH leak on March 23rd, with approximately 151,000 ETHs removed from the stock market at the time. Blockchain analyzes show that the amount of ETH on the stock exchanges is rapidly declining, which is a bullish sign.

At the time of writing, Etherium is trading at around $ 3,300, after peaking during the day at $ 3,424. After recovering from a bottom of $ 2,499 on March 13, Etherium marked 13 green days out of 15, suggesting a steady upward climb.

Ethereum’s positive sentiment is related to its ongoing transition to proof of pledge (PoS). In a recent blog post, the Etherium Foundation shared details about the merger and what to expect in the coming months. The Merge update marks the official transition to a consensus on proof of pledge.

Etherium’s existing core network will ” merge”  with Beacon Chain’s pledge proof system, completing Etherium’s transition from proof of work to proof of pledge.

The developers of Etherium have successfully launched “Kiln” , the latest test network for Merge. Changes to Kiln’s test network include changes to Merge’s specifications based on extreme cases found in Kintsugi, as well as some renamings.

Although the change in PoS in the merger test network revealed some implementation problems, the Etherium Foundation said merger testing would continue. If no critical issues are found, Kiln will be the latest new public test network.

According to the foundation, the deadlines for updating the test and core network will be shared through community media.