Mooners and Shakers: Ethereum wakes up with a Merge dump hangover; Bitcoin also worse for wear
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Well, it’s happened. Ethereum has Merged. And by all reports, it’s been a code-tastic success. An “audacious feat of techincal innovation” pulled off. High fives all round! (Checks portfolio… yep, ETH is double-digits down.)
Well, can’t say you weren’t warned about some price volatility, right? A serious amount of dust will likely need to settle on all this Merge excitement, though, before the market can really tell what longer-term effects the Ethereum upgrade may have.
Popular pseudonymous crypto analyst Rekt Capital seems to have an idea:
— Rekt Capital (@rektcapital) September 15, 2022
In the meantime, nervy thoughts will probably very soon shift back to a bloke called Jerome “The Undertaker” Powell. The Fed’s next rate-hike announcement is a comin’ – next week.
Every stock in my portfolio when the market drops 1% pic.twitter.com/Lcwt38tYRO
— Not Jerome Powell (@alifarhat79) September 15, 2022
Happy merge+1 day. Formerly known as Friday.
— Steve Vallas (@stevevallas) September 15, 2022
Massive bull market on #crypto.
— Michaël van de Poppe (@CryptoMichNL) September 15, 2022
ETH about to merge me with poverty
— sassal.eth 🦇🔊 (@sassal0x) September 15, 2022
After speaking with us yesterday during the Merge Day build-up, CEO of Aussie crypto exchange BTC Markets Caroline Bowler had this to add, now The Merge merged:
“The successful Ethereum merge is an audacious feat of technical innovation. Years in the planning, it demonstrates the robustness not just of the Ethereum network but also the viability of blockchain technology. Vitalik Buterin was clear, this is another step forward for the network, but not the final destination.
“At 55% complete, there are more technical challenges ahead as it tackles the questions of sharding, increasing speed and reducing transaction costs. However, for today, this event can indicate to investors the technical capabilities and brain power behind the Ethereum network.”
Bowler also spoke a bit further about the price activity, pointing again to the fact that big crypto events such as these can often see cooler, or “calmer markets” on the other side.
But… “over time, the rising tide can lift all boats,” noted the crypto exchange boss. “Increased awareness of Ethereum capabilities and blockchain-based projects is a good thing. The attention brings fresh energy and greater adoption… Is Ethereum as well known as Bitcoin? Not yet perhaps but the recognition and celebration of this technical feat will advance this situation without a doubt.”
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
Let’s take a look at some daily price action…
With the overall crypto market cap at US$1 trillion and down about 3.8% since yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
The overall crypto market is currently hanging on, by a fraying thread, to the US$1 trillion mark. It looks about to snap any second, tbh, as it’s “down, down, prices are down” right across the crypto big guns today. With, you guessed it – everyone’s favourite new Proof-of-Stake coin, Ethereum, leading the disappointment.
A 10% dump from this time yesterday. We reckon it’s probably fair to say The Merge news was indeed sold. And the unsurprised, “told-you-so bears” are all currently setting up another picnic in the woods.
Oh wow $ETH dumped on the merge. Who would’ve known?
— Roman (@Roman_Trading) September 15, 2022
Roman will definitely see fellow gloom-peddling analytical mind Justin Bennett down in the woods. Not saying they’re wrong, mind. They’re sobering and realistic, and trying to do their followers a solid, sure. But they’re probably not much fun to listen to down the pub right now.
Lights out. Pack it up.
The S&P 500 just lost 3,910 support.
— Justin Bennett (@JustinBennettFX) September 15, 2022
However, if you’re a long-term believer in Ethereum, maybe you’re likely at least HODLing on to all the bigger-picture positivity around this historically “top three” crypto event. Not suggesting you HODL on blindly, through thick and thin, though – that’s completely up to you and your own risk-management strategy.
As for Bitcoin and its current, worrisome move back below the US$19,800 support level, here’s Rekt Capital again, bringing the Tony Robbins-like pep talks…
— Rekt Capital (@rektcapital) September 15, 2022
Sweeping a market-cap range of about US$7.7 billion to about US$409 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Cosmos Hub (ATOM), (market cap: US$4.39 billion) +10%
• Evmos (EVMOS), (mc: US$905 million) +5%
• Quant (QNT), (mc: US$1.36 billion) +4%
• Osmosis (OSMO), (mc: US$598 million) +3%
• DeFiChain (DFI), (mc: US$564 million) +3%
• Rocket pool (RPL), (market cap: US$475 million) -18%
• Ravencoin (RVN), (mc: US$645 million) -18%
• BitDAO (BIT), (mc: US$539 million) -12%
• Lido Staked Ether (STETH), (mc: US$6.2 billion) -11%
• Ethereum Classic (ETC), (mc: US$4.86 billion) -9%
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…
First up, just a reminder here from Lark “Just a Dude on the Internet” Davis about the ETHW token, which is an Ethereum PoW-based forked coin.
Reminder: if you hold #ethereum there will be a fork coin to claim.
Most exchanges will distribute it your account.
Those holding on self custody wallet will need to claim. Be careful and take your time. There will be many scammers!
— Lark Davis (@TheCryptoLark) September 15, 2022
A word of caution on this. If you think there’s some potential advantage to be found here in a quick claim and dump of forked ETH and forked ERC-20 tokens, it may be prudent to let the dust settle first. The most excellent account @OlimpioCrypto details how he’s been playing it:
Okay, so after careful txns I dumped my $ETHW
Now it seems there's another one coming, $ETF
I have some spare ETH from the stETH trade that I got out for this airdrop.
Besides cbETH, any others trading under parity?
— olimpio.lens ⚡️ (@OlimpioCrypto) September 15, 2022
And here’s a slightly older Olimpio post about how to go about claiming any ETH-related forked coins, but with a strong disclaimer that it simply may not be worth it. And that’s due to some risk of exposure to losing your ETH through either following the wrong procedures, or falling into fraudster traps.
3 days for the Ethereum Merge 🚀
ETH will be forked, that's a fact. Everyone will have ETH and $ETHW in their wallets
Can $ETHW be sold?
Short answer: yes
Long answer: it's simply an unnecessary risk, and probably not worth it
Here is how to do it – and why you shouldn't 🧵
— olimpio.lens ⚡️ (@OlimpioCrypto) September 12, 2022
— Eddie Lee (@eddietree) September 14, 2022
"I'm not going to argue with people that are broker than me about money." pic.twitter.com/kNOADo4ono
— Zach Vallese (@zachvallese) September 15, 2022
Finally, like “Ye” above, this French bulldog (below) has absolutely very little to do with crypto, Bitcoin, The Merge, yada yada. But JAYSIS H… just look at those mad skillz.
A French Bulldog With Incredible Skateboard Control.
Possibly the coolest dog on the planet.
— Wall Street Silver (@WallStreetSilv) September 15, 2022