Ethereum made history when it completed “the Merge” from Proof-of-Stake last week, but ETH has suffered a sharp drawdown since the update shipped.
Ethereum Hit in Post-Merge Selloffs
Crypto traders are rushing to sell their Ethereum following last week’s highly anticipated “Merge” event.
The world’s second-biggest blockchain has recorded heavy losses since it transitioned to a Proof-of-Stake consensus mechanism early Thursday. ETH was trading just above $1,606 when the Merge shipped but has since declined by about 17.8%, trading at $1,320 at press time.
ETH showed weakness in the lead-up to the event, taking a hit Wednesday as the U.S. Consumer Price Index registered a higher-than-expected 8.3% inflation rate. According to CoinGecko data, it’s down 25.1% over the past week.
The Ethereum selloff comes as most major crypto assets suffer from market volatility. September has historically been a weak month for crypto prices, and the recent market action has added to the pain for crypto...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...