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Ethereum’s Upcoming EIP 1559 Upgrade Could Cause ETH Price to Skyrocket
The trading week kicked off with news of Ethereum. Blockchain developers on the Ethereum network have approved a proposed change to the network that would ‘burn’ a small amount of Ether (ETH) every time that the currency is used to pay ‘gas fees’ on a transaction. According to Bloomberg, the proposal, known as ‘EIP 1559’, will be bundled into an upgrade in July or August of this year.
Many analysts believe that the reduction in the supply of Ether tokens will lead to higher token prices overall. This is because a reduction in the supply of Ether will make the asset more scarce.