Crypto

This is why Ethereum is falling after the merger

After the merger, Ethereum began to decline. Over the last week, over 25% of the value of ETH has been lost. ETH has lost over 10% of its value in the past day and is trading below the $1,300 threshold.

Ethereum isn’t the only one to fall. After falling over 7% in the past 24 hours, the price of bitcoin has fallen below $19,000.

However, as far as Ethereum is concerned, the expert argues that the Ethereum price drop is short-lived and caused by the FUD of bitcoin maximalists like Jack Dorsey.

Bitcoin vs Ethereum after the merger; ex-Twitter boss chooses his camp!

Ethereum Falls Despite Supply Cuts

FOOD stands for fear, uncertainty and doubt, and we talk about FUD when people try to question the relevance of a crypto project.

According to well-known crypto blogger @VivekVentures, Ethereum price movement is “short-term noise.” He believes that Merge and Ethereum are currently targets of FUD campaigns by Bitcoin Maximalists.

It has been ~3 days since Ethereum Merge ETH price dropped 15% from $1650 to $1400. ETH/BTC fell 18% from a local high of 0.085 to 0.07. Bitcoin maxi dance in full force on ETH. It’s all short-term noise. Let’s look at two big merge effects: (1/9)

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According to Vivek, the supply of Ethereum has decreased by 95% since the merger. This indicates that Ethereum can issue 95% fewer tokens while maintaining the same level of security.

Indeed, within three days of the upgrade, around 3,000 tokens were minted on Ethereum. The network has reportedly produced over 40,000 coins under the old consensus mechanism.

Read also Here’s How Bitcoin Became a Leading Indicator of Investor Sentiment

Vivek also explains the difference in selling pressure caused by the change in the post-merger consensus process. Compared to the old Proof of Work (PoW) mechanism, the new Proof of Stake consensus mechanism has significantly reduced selling pressure.

Indeed, for a period of six to twelve months, Ethereum validators cannot sell their staking rewards. As such, Ethereum selling pressure is low right now.

Ethereum after the merger with Bitcoin

The dispute war between the Bitcoin and Ethereum communities continues after the merger. Twitter creator Jack Dorsey says the Bitcoin community needs to prepare for a propaganda war.

This is probably the very first tweet from Sailor that doesn’t mention bitcoin, and it’s for FUD Ethereum, poor bastard. https://t.co/c7GMYtg4jL
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The proof-of-work mechanism that Bitcoin currently uses has been criticized for its high power consumption. While Ethereum’s new Proof-of-stake (PoS) mechanism is being criticized for problems with centralization.

Bitcoin vs Ethereum Merge: How close are we to a flip?

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