The reason is that there is a major technical upgrade that is being deployed on the Ethereum network. Called ‘The London Upgrade’ or ‘EIP-1559’, the new protocols will go live around 5.30 pm IST on Thursday.
Meanwhile, deposits and withdrawals have also been suspended for token ERC20, which is also issued on the Ethereum network.
According to exchanges, while the trading of ETH and ERC20 tokens will not be affected, investors can expect volatility in prices. CoinSwitch Kuber in its communication warned users to be cautious while trading during this period.
However, experts say that the upgrade likely to give a boost to ETH prices.
“The entire crypto industry is quite excited about the latest Ethereum network upgrade. The upgrade will have a positive impact on investors as it is expected to bring in a lot of transparency in terms of transaction fees on the network,” said Shivam Thakral, chief executive officer, BuyUcoin.
We tell you what this upgrade is, and why it matters to investors:
The need: According to ethereum.org, which is an open-source resource for the Ethereum community, the network is in such high demand that it’s making Ethereum expensive to use. Moreover, the underlying algorithm that keeps Ethereum secure and decentralized is energy-intensive and needs to be greener.
The most obvious problem is that Ethereum needs to be able to handle more than the