Just looked at my crypto portfolio... And thought "Wow! That's green everywhere". Then, I looked at the news, to understand what happened. And found two possible reasons:
a) A fundamental one: Ethereum (ETH) merge
Ethereum's tentative merge schedule targets a September date for the transition to Proof-of-Stake, final testnet to undergo PoS transition in August #Ethereum https://t.co/99cZZBKWJj
— /r/Ethereum (@r_Ethereum) July 14, 2022
b) A technical one: a reassuring speech from the Fed
After a strong inflation reading in July, Fed Governor Christopher Waller and Fed Bank of St. Louis President James Bullard both stated that they would support a 75-basis-point hike, in contrast to market participants' expectations for a 100-basis-point increase.
Only "75-basis-point hike" instead of "100-basis-point increase". Wow... How generous they are! Next month, they might say the contrary, and everything could collapse...
So, in summary, in the Fed we do not trust, and there will be ups and downs all the time in this period of crisis. However, if Ethereum (ETH) merge happens by September as expected, the ups and downs will be higher and higher, first of all for ETH, but also for Bitcoin (BTC) and most of the top altcoins linked to ETH - e.g., Polygon (MATIC). The exchanges will also benefit from the higher volumes generated by the upcoming merge, which should positively affect the price of exchange coins like Binance Coin (BNB). Last but not least, all the DeFi sector should be positively impacted by this merge.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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