BTC and ETH Prices Suffer Substantial Drops

It has not been the best week for the two largest coins, as the prices of Bitcoin and Ethereum have both shrunk.

Following Ethereum’s long-awaited transition to being a proof-of-stake network, the price of ETH shrunk by 6% just hours after the Merge event, and then by an overall 15% on Sunday. As for the whole week, ETH is down 22%.

According to industry analysts, such as Tim Haines, it seems the Merge’s impact was already affecting ETH’s value even before the event, which is why the price didn’t go up now. According to CoinMarketCap, ETH is currently trading at $1,292.

As for Bitcoin, it saw a 10% decrease for the week. Valued at $18,423, BTC’s price is currently the lowest it’s been since June.

With the U.S. Federal Reserve being likely to increase interest rates aimed at combating inflation on September 21, the prices probably won’t be recovering just yet.