The Ethereum Merge was seen as a harbinger of a good market but Ethereum Prices are indeed declining even after the Merge. Following the decline in ether supply, the transition to the Proof-of-stake mechanism has proven to be deflationary.
The price has gone down by 11.2% in the past 24 hours. Ether is trading at $1,291 while Bitcoin is trading at a very low $18,817.28 at the time of writing.
As a result of the decline, many have started affirming that Merge hasn’t done anything significant to the crypto market as the coin saw a drop of more than 20% in the past 7 days.
Note that the Federal Reserve is set to make its next interest rate decision on Wednesday, with most analysts predicting a 75 basis point increase even as a 100 basis point increase hasn’t been striked out either, per the CME’s FedWatch dashboard.
Crypto trading firm Cumberland tweeted that the fact the Merge was “successful yet uneventful” was proof to the people involved, “what they’ve done for the world of crypto, digital assets, and decentralized computing. Massive congrats to the ETH core devs from Cumberland.”
Also Read: Ethereum Price Hits All-Time High of $4,948, Eyes $5,000 Next
