ETH took a beating this week despite the success of Ethereum’s merge to proof of stake.It's been a great week for Ethereum—and yet one of the worst in a while for ETH.
Despite the success on Thursday of Ethereum’s much-anticipated merge, which saw the network flawlessly transition to proof of stake, the network’s native cryptocurrency, ETH, has plummeted some 18.5% in the last three days alone, to $1,419.07 at writing.The week started on a much different note for ETH, which, flying high on lofty expectations for the merge, briefly surpassed $1,780 in value on Sunday.
Two events likely changed that trajectory.
On Tuesday, the U.S. Bureau of Labor Statistics released its latest Consumer Price Index (CPI) figures, which indicated the stubborn persistence of high inflation into August. The news—which will likely lead to the Fed once again raising interest rates to combat inflation—immediately triggered a massive sell-off in the stock market, and a corresponding drop in the value of cryptocurrencies, including Bitcoin and Ethereum.
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