The Merge, the Ethereum merger, is undoubtedly the most significant crypto event of the week. Due to the success of this merger, it was suggested that the price of $ETH would skyrocket. Bad analysis! In fact the price of $ ETH has dropped significantly. A price drop would be in line with SEC Chairman Gary Gensler speaking out after the merger.
$ETH is falling despite the success of the Merger, Gary Gensler’s commentary has something to do with it
Ethereum Merger: a resounding success
Everyone agrees that the Ethereum merger is a success. On September 15, 2022 at 3:59 am, the founder of Ethereum, Vitalik Buterin himself confirmed on his twitter that the update was successful. This update, which will have moved the network consensus from model of work (PoW) to proof of stake (PoS), went smoothly. Translation: a new era of cryptocurrency is about to begin.
$ETH falling despite the successful merger
Is it because of the statement from SEC Chairman Gary Gensler? He indeed insisted on expressing himself after the merger. His talk mostly focused on the need for more scrutiny of proof-of-concept cryptocurrencies. Gary Gensler, without speaking directly to Ethereum, said that promising cryptocurrencies may be subject to real estate securities regulations. Many believe that this statement from the SEC Chairman is one of the factors that caused Ethereum’s bearish price action.
The Merge is a historic event in the world of cryptocurrency. Everyone expected that this would allow the cryptocurrency to recover. But a statement from Garry Gensler was enough to change everything. Will this proposal really come true? To be continued…
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!