It was a very red week for crypto, with most leading cryptocurrencies depreciating over the seven days as heavyweights like Bitcoin and Ethereum posted double-digit percentage losses by the weekend.
Bitcoin is currently down 13% and sells for $21,309, according to data from CoinMarketCap.
Ethereum, the world’s second largest cryptocurrency by market capitalization, tumbled almost 18% to hit $1,635 at the time of writing.
Ethereum’s massive downturn comes in spite of a run of good news in recent weeks.
For the last few weeks, Ethereum’s price has been gently boosted by anticipation of its upcoming “merge” upgrade, when the network is expected to transition from the energy-intensive proof-of-work (PoW) consensus mechanism, to the 99.95% greener proof-of-stake (PoS) mechanism.
In a Wednesday note to investors, banking giant JPMorgan said that Ethereum’s merge will be good for Coinbase. The crypto exchange holds a 15% market share of Ethereum’s assets and offers an Ethereum staking...
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