The price of crypto assets keeps falling as a result of the current bear market. Following The Merge this week, Ethereum classic and Ravencoin, which were expected to climb as ETH miners switched, were seen to have declined by 23.4 percent.
ETC was trading for $38.93 at The Merge on September 15 and $29.39 as of today, September 21, according to statistics from Coiningecko.
The Ethereum Classic hashrate previously increased last week on The Merge to 223.32 TH per second from 58.12 TH the day before. Since then, according to data mining website CoinWarz, the hashrate has decreased to 160.32 TH per second.
ETH Price News Following the Merger
The total amount of computer power used to mine and process blockchain transactions is referred to as hashrate. Terahash per second (Th/s) is equivalent to 1 trillion hashes per second.
The mechanics of Ravencoin and other proof-of-work blockchains are similar to those of Ethereum Classic. According to CoinGecko, the price of Ravencoin has decreased by 43.1% from $0.06 on September 15, 2022 to $0.03 right now.
In contrast to Ethereum Classic, whose hashrate indicates a consistent rise, Ravencoin's hashrate displays an arbitrary mining pool. The hashrate of Ravencoin increased on the day of The Merge from 9.64 TH to 19.57 TH before falling to 11.22 TH. The Ravencoin hash rate fluctuated during the coming week, peaking at 23.50 TH today and then dropping back to 7.34 TH.
After the merger, ETH Price News
While this was happening, the price of ETH actually dropped a week after The Merge, and it has since continued to decline. which touched the price of $1,500 to 1,300 when this article was written.
According to Cointelegraph, one of the causes of this drop was selling pressure from Ethereum miners when the blockchain was still using a proof-of-work mechanism.
Data miners for Ethereum
According to OKLink data, ETH miners sold approximately 30,000 ETH (approximately $40.7 million) in the days preceding the Ethereum PoS. BakedEnt.eth, a pseudonymous analyst, observed that the miners' ETH sell-off reduced Ether issuance.
"The Merge has been live for a few days, but many have failed to see the impact of a 95% daily issue reduction totaling 49,000 $ETH in 4 days," BakedEnt.eth wrote. "Miners have been selling non-stop in reduced time and have wasted over 30,000$ETH in the same timeframe."
ETH prices are now at risk of falling further to $750 given the current macroeconomic headwinds, which are putting pressure on risk assets across the industry.
Summarize
ETC was trading for $38.93 at The Merge on September 15 and $29.39 as of today, September 21, according to Coiningecko. Ravencoin's hash rate fluctuated from 9.64 TH to 19.57 TH before falling to 11.22 TH.
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