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Ether Falls as Ethereum Revamp Turns Into ‘Sell-the-News’ Event

  • Update makes the Ethereum blockchain more energy efficient
  • Ether unwinding some of a rally sparked by hype over upgrade
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Ethereum Protocol Developer Talks About the Merge
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Ether led digital assets lower after a groundbreaking software upgrade of the token’s underlying network turned into what some market observers labeled a “sell-the-news” event. 

The second-largest token dropped as much as 3.8% on Friday and was trading around $1,475 as of 12:40 p.m. in Singapore following a more than 6% slide Thursday. Ether is paring a rally since mid-June sparked in part by optimism about the Ethereum update -- the Merge -- to slash the network’s energy use.