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The long-awaited Ethereum merge finally happened on September 15th, migrating the network to a Proof of Stake consensus algorithm. However, ETH bulls are still awaiting the flipping event the merge was predicted to bring.
Ethereum (ETH) Drops 25% Post Merge
Over the last 24 hours, ETH has dropped in value by 11%, which represents the heaviest loss among the top 10 ranked cryptos. Ether has lost 26% of its value in the last 7 days to trade at $1,295—its lowest point since mid-July.
The 24 hour price chart for Ethereum (ETH). Source: CoinMarketCap
Ethereum (ETH) is on route to form its fourth straight red candlestick on the daily timeframe since the beginning of the merge. Since then, the price of ETH has fallen from a high of $1,648 to as low as $1,287.
The 7 day price chart for Ethereum (ETH). Source: CoinMarketCap
Why Is Crypto Crashing?
Ethereum’s price drop is not a solitary affair, and its woes are being shared by Bitcoin and other Altcoins in the market. In the last 24 hours, the global crypto market cap has dipped 5.6%, and is barely holding out above the $900 billion mark.
The crypto market crash, which has taken a great toll on the price of ETH is a direct result of the macroeconomic conditions at play, as the date of Ethereum’s merge coincided with August’s CPI report.
Today’s market crash precedes fears of the U.S. Federal Reserve announcing its biggest rate hike in 40 years. The stock market has not been spared from the market crash either, with Nasdaq and Dow Jones down 5% from last week.
On the Flipside
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