The Ethereum blockchain had a major upgrade over the weekend called the Merge. The Merge changes the way transactions are processed and cuts energy use.
Despite the Merge behind us markets continue to remain volatile.
Bitcoin, the biggest cryptocurrency by market value, and Ether, the second largest cryptocurrency, have fallen in value.
Commenting on these movements in Bitcoin and Ethereum, Bitfinex analysts said:
“Bitcoin has dropped well below the psychologically important $20,000 mark as investors brace themselves for a flurry of central bank interest rate decisions later this week that are expected to further monetary tightening. The retreat by the largest cryptocurrency is also reflected in a sell off in global stock markets today. Meanwhile Ethereum has tumbled as the euphoria surrounding the Merge evaporates. Ethereum has plunged more than 10 per cent to a two-month low at about $1,300. This has accelerated liquidity exiting the digital token space."
