Bitcoin Price Heading This Way After Ethereum Merge?admin
The cryptocurrency market struggles to recover from the recent dump due to the CPI data release. In this context, the trader community hopes for a quick turnaround after The Ethereum Merge. However, there could be a brief dip in Ethereum (ETH) price post The Merge although a bullish momentum prevails going forward. This makes it all important for all other cryptocurrencies which could be affected by the network upgrade. More importantly, the Merge is a major historic event in the history of cryptocurrencies.
Bitcoin Price After Merge
Meanwhile, transaction activity around Bitcoin miners indicates there could be an impact on price. According to Crypto Quant analysis, the value of miner transfers to spot exchanges is relatively higher than in recent times. This could be a sign of miners anticipating a fall in Bitcoin price after The Merge. Also, the high miner transfers could indicate a BTC price fall in the near term, irrespective of The Merge.
“The current value of miner transfers to spot exchanges is higher than recent peaks in miner transfer activity. Stable values above 10 were last recorded in July-August before the local fall of BTC.”
On the other side, Ethereum (ETH) faces the dangers of going through a bear run following The Merge completion. Recent data showed that traders are preferring to short Ethereum derivatives, in a sign of possibility of dropping ETH price. After the release of the consumer price index data, ETH dropped in value immediately. As of writing, $1,596.97, down 0.59% in the last 24 hours, according to price tracking platform CoinMarketCap. Meanwhile, BTC price stands at $19,972.43, down 1.67% in the last 24 hours.
What After Ethereum Merge Is Complete?
With Ethereum shifting from the proof of work consensus model to a proof of stake mechanism, the impact on price would not necessarily be immediate. In fact, Ethereum cofounder Vitalik Buterin signaled that ETH could take as much as eight months time to show an impact on price.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.