Main Takeaway: Successful Merge Not Boosting Prices
The Ethereum network successfully changed its consensus mechanism to Proof-of-Stake, but that didn’t help turn the recent tide of falling crypto prices. Moreover, it gained the attention of SEC Chairman Gary Gensler who said that might trigger US Securities laws.
The crypto markets continued their decline d-o-d with a 3% selloff marketwide, once again causing the entire market cap to drop under $1 trillion. Markets will continue their volatility to the downside until further actions from the US Fed next week. US interest rates are expected to get another 75 bps rate hike next week, so markets are once again adjusting to price these in.