This is a rather common phenomenon in the event of a transition as important as that of “The Merge” for cryptocurrency. Ethereum (ETH).
In the meantime, the founder of ETH, Vitalik Buterin, rejoiced on Twitter at this changeover without any noticeable hiccups.
A momentary fall that shouldn’t last
Crypto-currencies are increasingly singled out for their energy consumption and more broadly for their carbon footprint. The success of “The Merge”, the transition of the world’s second largest cryptocurrency from Proof-of-Work (PoW) to Proof-of-Stake (PoS), was, however, previously feared by investors and other security holders. ethers. Even if it has been prepared gradually since 2014, nothing guaranteed success. In fact, as always in case of uncertainty, the market reacted negatively, with ETH losing almost 17% of its value between September 11 and 16, 2022 at 10:00 am.
Nothing to be alarmed about, since the fall has already stabilized and the success of “The Merge” should be enough to reassure the market in the short term. In perspective, there will be fewer sellers and demand should increase due to the energy impact now reduced by almost 99% of Ethereum and its blockchain. All this should lead the exchange value of ETH to climb again. On September 16 at 8 a.m., one ether was exchanged for 1462 USD dollars (1468 euros).
Source : Neowin
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