The cryptocurrency analyst that a decline in issuance could lead to another bull market
, director of global macro at Fidelity Investments, noted that Ethereum hadn’t been rewarded with a high price-to-network ratio . However, this could change after the Merge, with Ethereum becoming scarcer.Some Twitter users rejected Hayes’s analysis, arguing that the price chart is the only chart that actually matters.
In spite of the successful implementation of the Merge upgrade, the price of Ethereum has plunged by nearly 9% over the past 24 hours. The much-awaited upgrade ended up being a “sell-the-news” event. Moreover, stocks renewed declines on Thursday, which pushed Bitcoin and other cryptocurrencies lower.
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