Cryptocurrencies fell again on Wednesday, with Bitcoin and Ether both retreating for the fourth consecutive day.
The MVDA Index, which tracks the 100 largest digital assets, tumbled close to 1.6% in the trading session. Bitcoin, the largest cryptocurrency by market capitalization, fell more than 2% from Tuesday’s close as of 1:54 p.m. in New York, while Ether suffered similar declines.
Ether, having benefited in recent weeks from investor optimism as a long-awaited software update (known as the Merge) looks to occur mid-September, is struggling to keep the momentum as detractors look to fork the chain away from the update. This conflict in the Merge has led to uncertainty, but has also developed new trading strategies.
David Kroger, digital data scientist at Cowen Digital, said institutional players have already positioned themselves for the Merge, arguably the most important software upgrade in Ethereum history.
“Institutions have been asking us about the Merge, along with the...
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