“Ether drops 15% since major Ethereum network upgrade as traders take profits and fret over rate hikes”
September 22, 2022
“…Since Sept. 15, the date the merge was completed, to Tuesday, ether is down 15.2%. Bitcoin has dropped 4.4% in the same period. Ahead of the network upgrade, the price of ether roughly doubled from the lows of the year in June, far outpacing bitcoin’s gains.
Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, said that the merge was already “priced in” for ether and the “actual event was a ‘sell the news’ situation.”
Traders are also shifting investments from ether and other alternative digital coins back into bitcoin, according to Ayyar, “since the expectation is that Bitcoin will outperform for a few months from here on.”…”