<p>Market picture</p><p class=“MsoNormal“>Bitcoin has lost 1.6% over
the last 24 hours to $19,777 amid renewed pressure on risk-sensitive assets.
BTC remains just under the critical $20K round level, where it got support for
the past three months.</p><p class=“MsoNormal“>Ethereum
lost the speculative support it received before the move to PoS. Over the last
day, Ether lost 8.6%, more than three times more than the 2.6% reduction in
overall crypto capitalisation. </p><p class=“MsoNormal“>Weakness of
this kind is an almost inevitable consequence of a previous period of
overperformance, much of the gains of which have yet to be erased. Trading at
$1500, Ether is now almost 50% above the area of the June-July lows, while
Bitcoin has rolled back to its lows of that period.</p><p>News background</p><p class=“MsoNormal“>Tether and
Bitfinex technical director Paolo Ardoino said the move to PoS will not help
the second cryptocurrency catch up to Bitcoin. The Merge will not lower
transaction fees or make ETH more decentralised, nor will it increase network
capacity. Ethereum cannot compete with BTC as a form of money because it has no
maximum issue limit.</p><p class=“MsoNormal“>According to
Santiment, more than 45% of Ethereum nodes launched after The Merge update are
managed by just two addresses, raising concerns crypto community concerns about
centralisation.</p><p class=“MsoNormal“>According to
Chainalysis, developing countries are leading the world in cryptocurrency
adoption. Vietnam and the Philippines lead the rankings due to the popularity
of cryptocurrency and NFT gaming projects. Of the developed countries, only the
US and China are in the top 10, ranking fifth and 10th, respectively.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
the last 24 hours to $19,777 amid renewed pressure on risk-sensitive assets.
BTC remains just under the critical $20K round level, where it got support for
the past three months.</p><p class=“MsoNormal“>Ethereum
lost the speculative support it received before the move to PoS. Over the last
day, Ether lost 8.6%, more than three times more than the 2.6% reduction in
overall crypto capitalisation. </p><p class=“MsoNormal“>Weakness of
this kind is an almost inevitable consequence of a previous period of
overperformance, much of the gains of which have yet to be erased. Trading at
$1500, Ether is now almost 50% above the area of the June-July lows, while
Bitcoin has rolled back to its lows of that period.</p><p>News background</p><p class=“MsoNormal“>Tether and
Bitfinex technical director Paolo Ardoino said the move to PoS will not help
the second cryptocurrency catch up to Bitcoin. The Merge will not lower
transaction fees or make ETH more decentralised, nor will it increase network
capacity. Ethereum cannot compete with BTC as a form of money because it has no
maximum issue limit.</p><p class=“MsoNormal“>According to
Santiment, more than 45% of Ethereum nodes launched after The Merge update are
managed by just two addresses, raising concerns crypto community concerns about
centralisation.</p><p class=“MsoNormal“>According to
Chainalysis, developing countries are leading the world in cryptocurrency
adoption. Vietnam and the Philippines lead the rankings due to the popularity
of cryptocurrency and NFT gaming projects. Of the developed countries, only the
US and China are in the top 10, ranking fifth and 10th, respectively.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
This article was written by FxPro FXPro at forexlive.com.