Since the crypto-verse has faced the collapse of ftx, it was hit by yet another problem. This time it was about the Ethereum network. Ethereum [ETH] made quite a bit of noise in September after the proof-of-work shift [PoW] to proof of commitment [PoS]. At the same time, Ether staking gained tremendous momentum. But now the Ethereum foundation has faced the wrath of the community for the same.
It was brought to light that the Ethereum Foundation had removed Etherstaking’s withdrawal schedule on social media. ETH strike withdrawals were expected to open about six months after the merger. Right after the To merge happened, the network confirmed it would open within the next 6 to 12 months.
While the community eagerly awaited this, the Foundation extended this to sometime between 2023 and 2024. With continual revisions to the schedule and eventually its abrupt removal, the community was outraged.
As seen in the tweet above, several hinted at a lawsuit, while most were concerned about their money.
However, a few others in the Ethereum network decided to take notice of how this rumor had been triggered by Bitcoin maximalists. With Bitcoin’s price falling to a two-year low, both its market cap and market dominance plummeted. Right now, Bitcoin’s dominance is at a low of 38.5 percent, while ETH is at 17.7 percent.
This is how Ethereum survived the collapse of the FTX
Like its counterparts, Ethereum endured quite a fall last week. The asset plummeted to a low of $1,083.29, but at the time of writing, it was making its way back to recovery when it traded for $1,198.71. ETH registered a drop of 2.70 percent in the past 24 hours at the time of writing.
The chart above shows Ethereum’s decline over the past week. Despite this, the community was happy that the asset managed to stay above the $1,000 zone.