By Larry Wright
The crypto market has been in a great jumble recently, the whole market has managed to crash, and yet by some unexplainable miracle, it is still there.
Crypto prices are being slain across the board, and cryptocurrencies are managing the whole situation by remaining onto a leafy strand of hope that one-day corrections will be over and the bearish market will get switched with the more bullish one.
Ether has been performing rather abruptly; for a cryptocurrency that managed to go all the way to $2000 and then plummet to $1600, things are not looking bright, and the only thing that is driving the price action for Ether at the moment is the fact that it is soon going to receive the Merge update.
The co-founder of the Nexo platform, which is a crypto lending platform Mr. Antoni Trenchov has said earlier that the implementation of the Merge update is not a guarantee that Ether is going to see this overhauling implementation of the price volume increasing and people going crazy to buy more and more of the crypto.
One thing that should be duly noted here is the fact that Ether is going to shift its consensus algorithm. It is not a piece of light news to take; in fact, it is going to change the way investors, stakeholders, and end users are going to interact with the cryptocurrency that is Ether.
Bad News for Ether Miners
According to Antoni, there is definitely going to be some sort of resistance accompanying the implementation of the Merge update; it is possible that the miners would leave Ether to join other crypto networks because to be able to remain a miner on Ether after the Merge update all miners would have to stake Ether to retain their title.
At present, they are only bearing the cost of the mining equipment, which they seem to be managing somehow, but after the update, they would have to actually keep Ether tokens staked within the protocol for an indefinite time if they want to remain miners to the platform.
The success of the Merge update is crucial to determine whether Ether will see itself through to the future of the crypto market or would be left behind.