Chief strategist: The Merge is a ‘buy the rumor sell the news situation’
The cryptocurrency sector is gearing up for the Merge upgrade that will transition Ethereum (ETH) to a Proof-of-Stake (PoS) protocol, with the event viewed as bullish for the asset. However, a section of market analysts believes that the network upgrade might not entirely benefit the second-ranked crypto by market capitalization. In particular, Meltem Demirors, the chief strategy officer of crypto asset management company CoinShares.
Overall, the announcement about the Merge contributed to the short-term market rally of the crypto market in July. If successful, the September 15 event will make Ethereum a deflationary asset and potentially drive the crypto’s price up. After the Merge, Ethereum will abandon the Proof-of-Work (PoW) protocol that has come under scrutiny for excessive energy consumption. Notably, several jurisdictions like New York have enacted new laws curbing the PoW.
Source
https://t.me/DeFi_Ethereum
