Ethereum drops more than 17% after ‘way overhyped’ Merge - Matrixliveng
Ethereum drops more than 17% after ‘way overhyped’ Merge
Business Currency

Ethereum drops more than 17% after ‘way overhyped’ Merge

ethereum

Four days ago, just a few minutes before 3 a.m. EDT, a long-anticipated upgrade to Ethereum was executed. Since then, the second most valuable blockchain’s cryptocurrency, ETH, has tumbled — and some are saying its price hasn’t bottomed out yet.

When the upgrade, generally referred to as “the Merge,” transpired, ETH was priced at about $1,600. At the time of publication, ETH is worth about $1,327 down just over 17% from the landmark system change.

Read Also: Queen Elizabeth II Goes Home In Blaze Of Glory

“The FOMO and speculation around the Merge are done, and it’s back to business as usual for most in the space.”
Flux co-founder Daniel Keller

Over the past several months, speculation has centered around whether ETH would be accepted post-Merge, Daniel Keller, co-founder of a decentralized cloud infrastructure Flux, told TechCrunch. Since Ethereum moved from proof-of-work (PoW) to proof-of-stake (PoS), it left its crypto miners “behind” in the transition, he added.

“Did they alienate a core demographic and remove one of the best parts of decentralization? I think we see the direct impact of that speculation to the downside,” Keller said.

Source

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com