As the cryptocurrency market readies itself for the Ethereum Merge, the fear factor is very evident all around the ecosystem and volatility is all over the crypto sector. If everything goes well, the Merge will have a positive effect on the crypto sector and the price of Ethereum will surge but what if it hits a bug? The failure of Merge update will have a cascading effect on other cryptocurrencies also. However excitement is high that the Merge will boost the values of the Ethereum and it will also have a ripple effect on other crypto currencies also.
Ethereum Merge Bearing On Other Cryptocurrencies
The crypto sector has faced a tough year with the Terra Luna fallout and every event is now looked with trepidation by the crypto community. Experts are closely watching the effects of the forthcoming Merge event on other crypto assets and Bitcoin (BTC) in particular. Therefore, any chance of the Ethereum Merge going wrong will leave the crypto sector devastated.
One big Bitcoin Buff Samson Mow felt that the developers of the platform are ranking tokenomics over strengthening the network. However, he added that on the downside, the Merge could land itself in a regulatory puddle. The compulsion of staking 32ETH makes the proof of stake highly centralized. Every Ethereum validator will require to deposit 32 ETH to activate the software.
The road to complete Ethereum Merge is almost 96.55% covered as per data from OKLink. At current hash rate the Merge is believed to conclude by September 15.
As per last reports Ethereum was changing hands at 1,638.30USD down 3.05%.