Bitcoin Surges 8.5%, Terra Luna Goes Ballistic (Up 200%) And Analyst Claims Ethereum’s Merge Will Crash Crypto

0

Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin surged 8.5% as investors went risk-on again and crypto correlated with tech stocks. Also in the past few hours, Terra’s Luna coin gained an incredible 200% as investors speculate of a possible revival. It all comes as investors believe the Federal Reserve might announce a slowing down of rate hikes in 2023 already as the fears (in the US at least) of a possible recession seem to recede.

Meanwhile there could be trouble on the horizon as a theory about Ethereum’s Merge is gaining ground.

Kyle McDonald, an independent researcher, has come up with a pretty reasonable explanation as to why Bitcoin could crash just after Ethereum’s Merge next week. His theory has been making ripple effects across global media since the beginning of September and as it featured in Forbes last week, it has truly gone global. Could be he right?

Advertentie.

Never $69,000 again

Bitcoin will never hit $69,000 again; now’s a great time to sell all your bitcoin, McDonald said. He thinks that the reason for this is the climate crisis that’s potentially being exacerbated by bitcoin’s huge energy demands could cause investors to switch to Ethereum in great numbers.

YouTube video

Bitcoin doesn’t have the coordination like Ethereum to leave proof-of-work.

As the transition of Ethereum from proof of work to proof of stake is set to happen next week (the so-called Merge), McDonald thinks that investors will start to realize that there will be no future reason to invest in Bitcoin because of its huge energy consumption.

The ethereum upgrade isn’t just about ethereum, Kyle McDonald said. I think after the merge, investors and regulators are going to realise that bitcoin’s proof-of-work was never really necessary and we’re slowly going to see a huge crash in the bitcoin price.

According to Ethereum creator Vitalik Buterin, the merge is still expected to happen around Sep 13-15.

pprothien / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts