"The Merge" may already be helping crypto values.
What happened
Saturday has been a wild day of trading in the crypto market and the day is only a little over half over. At about 11:45 a.m. ET Ethereum (ETH 12.18%) quickly jumped about 10% and those gains have made their way to other cryptocurrencies.
As of 3 p.m. ET, Ethereum is up 6.8% on the day and from its low to high jumped a whopping 19.5%. Solana (SOL 7.99%) is up 5% in the last day but 11.6% from low to high. Finally, Arweave (AR 11.96%) has popped 12.9% in the last 24 hours.
So what
The cause of the big rise seems to be big buyers, also known as whales, increasing their positions in Ethereum. Blockchain analytics firm IntoTheBlock reported on Friday that the biggest 1% of Ethereum holders have increased their positions after "The Merge" was tentatively scheduled for September.
"The Merge" is a transition from a proof-of-work consensus mechanism to proof-of-stake, which means the flow of revenue for confirming blockchain...
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