Ether falls 1% ahead of major upgrade to ethereum network

Ether fell about 1% ahead of a technical adjustment to its underlying ethereum blockchain that would alter the way transactions are processed.

The revamp is currently anticipated to go live on Thursday in most time zones, according to market players, a little later than previously expected.

Technically, the upgrade will occur when the 12,965,000th block on the blockchain has been verified.

The ethereum network underpins a range of projects in the crypto world including non fungible tokens (NFTs) – a crypto asset, representing an intangible digital item such as an image, video, or in-game item – as well many decentralised finance (DeFi) applications.