One of the most widely anticipated and monitored events in the history of crypto, the Ethereum “Merge”, went smoothly early Thursday morning, as scheduled!
At approximately 06:43 UTC, Ethereum successfully transitioned from a proof-of-work consensus mechanism to proof-of-stake, intended to reduce both energy consumption and the supply of the native ether token. Despite the upgrade’s success, both BTC and ETH declined in price on Thursday, as did the prices across traditional financial markets.
Ether (ETH) fell 9% on above-average volume following the Merge and continued down for the remainder of the day. Bitcoin (BTC) declined 2% on moderate volume initially and saw an even more aggressive drop in prices as the day wore on. Most other cryptocurrencies broadly failed to regain lost ground after the surprise United States inflation data on September 13th sent assets into the red!