Claim Giveaway Token Proof of Reserve

Here's What Could Happen If the Ethereum Merge Goes Bad.

20-Aug-2022 By: Shikha Jha
Here's What Could Ha

Volatility is rampant in the ecosystem as the cryptocurrency market gets ready for the Ethereum Merge that will take place next month. There can be a spillover effect from Merge on other cryptocurrencies as well. However, there is a general expectation that the price of Ethereum (ETH) would increase significantly following the upgrade. The developers have set a target date for The Merge of around September 15.

Effect Of The Ethereum Merger On Other Cryptocurrencies

While waiting for the upgrade, it is unknown how Bitcoin (BTC) and other cryptocurrencies will behave. Any possibility of the Ethereum Merge failing or having a negative effect, however, would be disastrous for the ecosystem. The market has already had a difficult year with back-to-back failures beginning with Terra fallout.

Supporter of Bitcoin Samson Mow believes that the Ethereum developers are putting tokenomics ahead of network security. He noted that as a result of the Merge, Ethereum might find itself in the centre of regulatory action. Mow said that the 32 ETH stake requirement made proof of stake a highly centralised system. To activate the software, Ethereum validators would need to deposit 32 ETH.

Negative Risk From Merge For Bitcoin?

A portion of cryptocurrency investors are concerned about the Merge's possible risk to the market as a whole. According to one Foss on Twitter, The Merge carries a significant downside risk for digital assets, yet everyone is bullish. Because of how Ethereum and Bitcoin trade in tandem, he believes this. Despite obstacles, Ethereum has so far shown positive momentum with the current price increase. According to data from OKLink, the Ethereum Merge process is 96.55% finished. The Merge should take place around September 15 based on the current hashrate.

According to CoinGabbar, Ethereum is currently trading at $1,704.02 and has lost 0.86% over the past 24 hours. Following a recent peak of $2,000, Ethereum has lost 8.61% over the past week.

Related News
Related Blogs