Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Jaya60 on September 17, 2022, 01:35:24 PM
-
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.more (https://decrypt.co/109944/ethereum-price-sinks-merge)
-
This can hardly be called a defeat for Ethereum after the successful network merger. Yes, the price of this coin has even dropped further and now stands at $1,270. But now the cryptocurrency market is in a period of long crypto winter, and the price of ethereum depends on the price of bitcoin, which is also far from a good price condition. In addition, the upgrade of the ethereum network is not finished yet. We will see how this coin will behave when the market starts to recover quickly.