The Merge, the merger of Ethereum, is undoubtedly the most significant crypto event of the week. The success of this merger suggested that the price of $ETH would skyrocket. Bad analysis! There is indeed a considerable drop in the price of $ ETH. A price drop that would coincide with SEC Chairman Gary Gensler speaking out after the merger.
$ETH is falling despite the success of the Merge, Gary Gensler’s comment has something to do with it
The Merge of Ethereum: a resounding success
Everyone agrees that the Ethereum merger is a success. On September 15, 2022 at 3:59 a.m., Ethereum founder Vitalik Buterin himself confirmed on his twitter that the update was successful. This update, which will have moved the network consensus from the working model (PoW) to proof-of-stake (PoS), went smoothly. Translation: a new era of cryptocurrency is about to begin.
$ETH Falls Despite Successful Merger
Is it because of the statement by SEC Chairman Gary Gensler? He indeed insisted on expressing himself after the merger. His talk mostly focused on the need for further scrutiny of proof-of-stake cryptocurrencies. Gary Gensler said, without speaking directly to Ethereum, that staked cryptocurrencies could be subject to the regulations on real estate values. Many believe that this statement from the SEC Chairman is one of the factors that led to the bearish price action of Ethereum.
The Merge is a historic event in the world of cryptocurrency. Everyone expected this to allow the cryptocurrency to recover. But a statement by Garry Gensler was enough to change everything. Will this proposal really materialize? To be continued…
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