Major cryptocurrencies lost ground Tuesday, surrendering gains made a day earlier.
the best-known digital currency, was fetching $3,567.00, down 2.7% since Monday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange.
Read: Wilshire Phoenix files for ‘less volatile’ bitcoin-related ETF
Ethereum upgrade could be delayed
On Wednesday, ethereum will undergo an upgrade to its system, known as Constantinople. The so-called hard fork is considered noncontentious, meaning all network participants have agreed upon the upgrades that they hope will improve the cost-effectiveness of its software and increase scalability — the ability to process more transactions on the blockchain at a faster pace.
Read: Here’s what to know about a pending ‘hard fork’ in ethereum
However, on Tuesday afternoon, CoinDesk reported that the upgrade had hit a snag and a delay would be likely after ChainSecurity, a smart-contract audit firm, spotted a glitch in the planned upgrade to Constantinople.
In describing the vulnerability, ChainSecurity said in a blog post: “Two parties can jointly receive funds, decide on how to split them, and receive a payout if they agree. An attacker will create such a pair with where the first address is the attacker contract listed below and the second address is any attacker account. For this pair the attacker will deposit some money.”
Read: Americans lost $1.7 billion trading bitcoin in 2018 — and more than half don’t know they can claim a deduction
Ether, the currency that runs on the ethereum blockchain, fell after news of the delay surfaced and was the worst-performing altcoin on Tuesday, trading 6.2% lower at $120.19. Elsewhere, Litecoin
was down 1.8% to $31.33, Bitcoin Cash
was lower by 3.8% at $126.60 and XRP,
was off 2.4% to 32 cents.
Altcoins are the collective group of coins, other than bitcoin.
Futures also traded lower on Tuesday. The Cboe Global Markets February contract
ended the session down 3.2% at $3,522.50, and the CME Group February contract
declined 3.1% on the day to end at $3,530.
Read: ICOs continue to raise money via SEC back door
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