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Upgrade to Ethereum Network Bellatrix causes ETH prices to soar

The Ethereum Bellatrix update, which marks the beginning of the countdown to the highly-anticipated Merge upgrade is now live. ETH Price shot above $1 ,678 within minutes of the Bellatrix upgrade. At press time, ETH price had, however, dropped to $1,598. 80 is almost equal to the gains made following the Bellatrix upgrade. The Bellatrix…

The Ethereum Bellatrix update, which marks the beginning of the countdown to the highly-anticipated Merge upgrade is now live.

ETH Price shot above $1 ,678 within minutes of the Bellatrix upgrade. At press time, ETH price had, however, dropped to $1,598. 80 is almost equal to the gains made following the Bellatrix upgrade.

The Bellatrix upgrade has given an impetus to Ether’s recovery that was previously struggling under strong bearish headwinds.

What is the Bellatrix upgrade process?

The merger is a two-step process. The first is the Bellatrix upgrade, which was triggered by an epistoch height. The second step is the Paris upgrade that will be triggered by the targeted Terminal Total Difficulty (TTD) of 58750000000000000000000 expected to be reached between September 13th and 15th.

Bellatrix is the last upgrade on Ethereum’s Beacon Chain before the Ethereum blockchain completely shifts from proof-of-work (PoW) to proof-of-stake (Pos). Last year, the Beacon Chain was made live.

Currently, every Ethereum node is represented by two layers: the main chain, which is a proof of work layer, and the C layer, (consensus level). These two layers will be combined by the Merge, which is expected to make it possible to transition to a PoS-based Blockchain.

Bellatrix upgrade allows validators to begin producing updated Beacon Blocks. These will contain the codebase that will allow the merging of two layers.

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