Notably, post the mega ‘Merge’ event, Ethereum witnessed a severe rout and after posting initial gains, the token registered its downtrend. “It seems likely that a mix between the still-high correlations and investors looking to ‘sell the news’ led to ether’s severe drop in spite of the milestone accomplished,” IntoTheBlock wrote in a research note Friday.
For NFTs or non-fungible tokens there is seen a different momentum after the long-awaited upgrade of the Ethereum blockchain. Sales and prices of NFTs have surged, according to crypto data tracker DappRadar. The upgrade, known as
the Merge, also seems to have benefited marketplaces that sell NFTs based on Ethereum, which is the most popular blockchain for this type of token, added a Bloomberg report.
According to the Coinmarketcap data, while the global crypto market-cap has inched higher by 0.76 per cent over the previous day to $972.06 billion, the volumes in the market have softened by close to 26 per cent during the same period to $48.00 billion.
Furthermore, as per a Reuters report, banks’ cryptocurrency projects have been upended by the U.S. Securities and Exchange Commission (SEC) accounting guidance, which is seen to make holding cryptos highly expensive for lenders on behalf of clients.