📈 Web3 TLDR: 📉 What Happened To ETH Prices For The Merge?!
The Web3, NFT and Crypto Newsletter
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- 📉 What Happened To ETH Prices For The Merge?!
- 🥊 ETHPOW KO'd Already?!
- 🌐 Celebrities keep joining the Cryosphere
Job of the week
AND NOW THE NEWS
What Happened To ETH Prices For The Merge?!
“The merge will be great for ETH prices!”
— alexjm.eth | the blue r00 (@alexjmingolla)
Sep 15, 2022
The Merge successfully completed last Thursday, and leading up to the Merge for months, ETH prices increased in what was considered to be in anticipation for the positive aspects of what the Merge will bring, even against every micro and macro-economic roadblock that in other situations, would have kept any asset price down. ETH even outpaced BTC for the first time in this rare upward pattern. However, the Merge occurred, and ETH did not take the upward trajectory everyone thought it would. In fact, in the hours leading up to the Merge, prices started going down already. So what happened? Why didn't prices actually go up? I believe there were 3 major reasons for this:
1) Investors remembering "wait, aren't we in a recession?!" - It's the same reason why I was scratching my head when ETH prices started going up back in July. What's to guarantee the Merge will bring a paradigm shift so great that purchasing ETH leading up to that moment will pay off?
2) Global markets are down - War, and overall economic downturn has been a huge factor in why assets are down across all markets. ETH's uptick did not fit the pattern of every other asset out there and was bound to return to normality at some point.
3) Awful CPI data - And probably the biggest kicker was the CPI data presented on Wednesday, which spooked investors even further. Stocks crashed that day, and so did crypto assets. This was enough for investors to bail out, Merge or no Merge.
All signs are pointing to the bear market lasting one more year through 2023, so buckle in everyone!
ETHPOW KO'd Already?!
Really getting forked hard.
— The Wolf Of All Streets (@scottmelker)
Sep 17, 2022
What the vast majority of people already knew would happen eventually happened and much earlier than anticipated. ETHPOW, the forked version of Ethereum, crashed hard after the Merge, losing over 85% of it's initial value. The fork was already fighting an uphill battle with how they would operate in parallel to Ethereum, but they had a big issue right off the bat...their chainID was matching other existing chainID's, which would cause issues such as replay scams (transactions could be replayed on other matching chainID services and protocols). At time of this writing, they did change it but to another chainID that already exists as well.
I was looking forward to getting the free ETHPOW tokens just to sell them as soon as possible, but with the issues they are already seeing, I'm going to go ahead and not touch it, even with a 10 ft pole!
Celebrities keep joining the Cryosphere
A bear market cant seem to stop Hollywood A-listers from jumping on the crypto train. Over the last year we have seen numerous cabrerites create NFT, doing market places and do commercials for big brand companies such as Coinbase.
UFC superstar Connor McGregor, one of the highest-paid athletes, recently partnered with Tiger.Trade, a crypto trading application. A part of the deal involves McGregor featuring in an in-house game that users can play to win exclusive prizes.
Last year we saw Eminem buy a Bored Ape for nearly half a million dollars, while Paris Hilton, Snoop Dogg, Jimmy Fallon and many others followed suit.
Matt Damon also moved his philanthropy for clean water at Water.Org to accept donations in Bitcoin.
Even as the market is in bear mode, the publicity is helping keep the space top of mind and hopefully the believers will ride the next wave up with the rest of us.
Written by: WarBiscuitNFT
One Last Thing...
Buying the dip be like....
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