Ethereum Merged Successfully with Beacon Chain – Ethereum Merge got completed successfully on Thursday, 15 September , 2022.
Earlier Google had shown a countdown in search results for searching “Ethereum Merge”.
After this merge with beacon chain consensus , Ethereum went from Proof of Work to Proof of Stake.
Since then it still has not recovered and is hovering around $1200.
Why Ethereum Price Dropped Despite the Merge Hype?
Experts have given various reasons for the Ethereum blood bath post merge.
One prime reason for the fall is US inflation hike.
The merge took place at block number 15537393 at 06:42:42 UTC.
Ethereum Founder Vitalik Buterin announced the success through a tweet as he wrote “Everyone who helped make the merge happen should feel very proud today” to celebrate this historical moment.
Ethereum Fell Over 15% Post Merge , Experts Blame Recession and Inflation Hike
Ethereum which had its one month high of $1780 on 10th September, had fallen over 15% post merge. $150 Million had wiped out within 24 hours of the merge.
On 13th September report was published that US inflation had surpassed 8 %.
Later on investors sold their ETH coins.
Hence the fall of ETH had started way earlier the merge.
Merge and news of inflation hike made speculators leave the network.
Mudrex CEO and co-founder Edul Patel and weTrade’s founder and CEO Prashant Kumar stated that Ethereum fell due to macroeconomics factors including inflation and the fear of recession.
In an article Jacob Bury wrote that ETH is correcting as it was on a hype due to merge.
However, It’s not just Ethereum that fell.
Post the news of inflation and interest rate hike, other cryptocurrencies such as Bitcoin and Dogecoin also took the dip.
Do Kwon’s Arrest Warrant Dropped Luna to 20% but Twitter is Happy
Bloomberg reported that on the allegation of violating Nation’s capital Markets laws, South Korean Court issued arrest warrant for Do Kwan and five others.
Do Kwon is the founder of Terraform Labs crypto network whose virtual currency LUNA fell drastically in May and caused a global crypto disbelief among common people.
After the arrest warrant issue LUNA fell heavily which was up by 80%.
Arrest warrant is valid for one year and the prosecutor team is going to join hands with Interpol to bring Kwon in who is in Singapore. His passport has also been invalidated.
Despite the price drop … the crypto community is rather happy for finally getting the arrest warrant.
Merchants Will be Able To Accept Crypto Payments after BigCommerce Partnered with BitPay
Starbucks has added an extension to its reward and loyalty programme through Starbucks Odyssey.
Starbucks Odyssey is a Blockchain based crypto loyalty platform and NFT community powered by Web3.
The coffee chain will launch Odyssey later in this year. The platform is built on Polygon and developed by a team under Adam Brotman , the founder of web3 loyalty startup – Forum3.
Reward members of Starbucks will be able to login on the platform via their existing loyalty programme credentials.
Through engaging in various activities called “journeys” , users will be able to earn rewards and “Stars”.
These can be converted into free drinks and other perks.
Users can buy NFTs through their debit or credit card as well that will work as passes to the community.
Although it is available for specific countries only yet.