But in terms of pricing, I think there'll be some pressure afterwards," Lau said. "I think this is a good step for the network and the community on return. Lau echoed the point, highlighting that the Merge would not immediately solve Ethereum's widely-complained problems such as high transaction fees.
"It's like we just saw Tesla do their five for one stock split, and its shares haven't exactly been climbing since the split," Masheck said. "I think it's gonna cause a bit of volatility around ether for the short term, but in the long term, I think it's going to be kind of a non-event," Masheck said.
The Galaxy Digital CEO has ideas about navigating the crypto winter.Įthereum merge's impact on ether price could be compared to that of a company's stock split on its shares price, according to Rance Masheck, president at iVest Plus. Hear from Mike Novogratz at the Best New Ideas in Money Festival on Sept.
It's sort of a little bit of a final push back by Ethereum miners to capture some economic value," Lau said. "I think they'll have much less sort of community support. Compared with Ethereum Classic, the crypto community's interest for such a new chain could be temporary, according to Lau. Some miners also proposed to split Ethereum again after the merge, with a chain that retains the proof-of-work mechanism. The increase in the price and interest for Ethereum Classic from miners and users "is not necessarily temporary," said Jason Lau, chief operating officer at OKCoin.Įthereum Classic's price might "end up at a higher level than where we were, because now you really have two different types of products," Lau told Distributed Ledger in an interview. Ethereum Classic, by contrast, will remain as a proof-of-work blockchain. Upon completion of the Merge, Ethereum will be relying on stakers, or ether holders who lock up their coins, to secure the blockchain, instead of miners. Now, Ethereum miners are looking at other coins to mine, such as Ethereum Classic, as they will lose their source of revenue after Ethereum's Merge transitions the blockchain from proof-of-work to proof-of-stake. The new chain operated as Ethereum, while the old, unaltered network was renamed Ethereum Classic. What's the difference between Ethereum and Ethereum Classic? In 2016, after more than 3.6 million, or about $60 million ether, was extracted from the DAO, a decentralized autonomous organization based on Ethereum, the Ethereum foundation controversially created a new version of the blockchain without history of the hack. Ethereum Classic gained over 12% over the past seven days, outperforming ether, which added about 4%.Įxplained:What is the Ethereum Merge? Here are 5 things you should know
#Crypto market watch upgrade#
Meme token Dogecoin traded 0.9% lower while another dog-themed token, Shiba Inu, added 0.7% from seven days ago.Īs Ethereum's highly-anticipated Merge upgrade begins, Ethereum Classic, a separate blockchain representing an original, unchanged history of the Ethereum network, saw its token price surge. Ether gained 4.2% over the seven-day stretch to around $1,618. You can also reach me through email to share your personal stories with crypto.īitcoin lost about 3.3% over the past seven days, and was trading at around $19,134 on Thursday, according to CoinDesk data. I am back from vacation and will walk you through the latest in the digital asset market.įind me on Twitter at to send feedback, or tell us what you think we should cover. I'm Frances Yue, crypto reporter at MarketWatch. Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday.
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