Ethereum drops more than 17% after 'overhyped' merger

Four days ago, just a few minutes before 3 a.m. ET, a long-awaited upgrade to Ethereum took place. Since then, the second most valuable cryptocurrency on the blockchain, ETH, has crashed — and some say its price hasn’t bottomed yet.

When the upgrade, commonly referred to as the “merger”, became clear, the price of ETH was around $1,600. At the time of publication, ETH is worth approx 1327 dollars down just over 17% from the remarkable systemic change.

“FOMO and merger speculation is over and it’s back to business as usual for most in the space.” Flux co-founder Daniel Keller

Over the past few months, speculation has centered around whether ETH will be adopted after merging, Daniel Keller, co-founder of decentralized cloud infrastructure Flux, told TechCrunch. As Ethereum moved from proof-of-work (PoW) to proof-of-stake (PoS), it left its crypto miners “behind” in the transition, he added.

“Did they alienate a key demographic and remove one of the best parts of decentralization? I think we’re seeing the direct impact of that speculation on the downside,” Keller said.

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