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The highly anticipated “Merge” upgrade of Ethereum (ETH), the leading smart contract platform, is slated to launch next week. However, even this situation could not prevent the declines in the crypto money market. Will the declines continue? Bitcoin Fall
Bitcoin, the world’s top cryptocurrency by market capitalization, dropped below $19,000 for the first time since the cryptocurrency market’s liquidity crisis in June, adding a new one to its week-long streak of losses on Wednesday. The recent sales of Bitcoin, which is trying to get rid of the effect of the decline, led to even harder drops in some altcoins such as Ethereum, BNB, Cardano and Solana. It also caused a market-wide recession that brought the global cryptocurrency market cap under $1 trillion.
After the bankruptcy of Three Arrows Capital and the subsequent collapse of cryptocurrency exchanges like Celsius and Voyager Digital, the cryptocurrency market showed signs of recovery over the summer months. Ethereum and other cryptocurrencies are up more than 100% from the June bottom. However, the market’s bullish momentum faltered in mid-August, when Bitcoin failed to surpass $25,000. So, can the expected Ethereum upgrade be the salvation of the crypto money markets? Merge the salvation of the market?
September has historically been a weak month for cryptocurrency prices. In recent weeks, investors have focused on the Merge upgrade, which helped boost Ethereum and other related cryptocurrencies like Lido and Ethereum Classic. Touted as one of the top cryptocurrency events of the past few years, Merge kicked off in earnest with the successful activation of Ethereum’s Bellatrix upgrade on Tuesday, with the main event expected to launch in about a week from now. The upgrade is also set to increase Ethereum’s energy efficiency by 99.99% and reduce its issuance by 90%, although these changes will not directly affect Bitcoin, which represents around 36.5% of the total cryptocurrency market cap.
While Ethereum’s fundamentals have never looked this strong, it has rarely remained unaffected by BTC’s biggest dips in the past. Cryptocurrency markets have been in a bear season for almost a year, while continuing macroeconomic fears such as interest rate hikes and the European energy crisis still frighten investors. For this reason, it will be clearer in the coming days whether the Merge upgrade will provide a saving effect on the crypto money markets.
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