Ethereum, the largest altcoin is down by 25% over the past seven days. Clearly, the much-hyped Merge narratives failed to work their ‘expected’ charm.
Despite the fundamental change in its emission dynamics, the event resulted in a “sell the news” development in the price.Now, the question is- From institutional backlash to retail, could things go worse for the second largest cryptocurrency?Ethereum successfully shipped the Merge after years of anticipation, but ETH’s price slogged.
The number two crypto lost 25% of its market value over the past week.This propelled many to believe that the event turned into what trades describe as a “buy the rumor, sell the news” trigger.Source: Delphi DigitalWas the Merge just another classic ‘sell the news’ event?
The graph did scream yes! Investors bought ETH when the date of the Merge was announced earlier this year and sold it when the actual event took place.Read more on ambcrypto.com