Ether has fallen more than bitcoin since the Ethereum network underwent a huge upgrade called the merge.
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."
Investors are also wondering whether the regulatory standing of ether may change after the merge after U.S. Securities and Exchange Commission Chair Gary Gensler indicated last week that cryptocurrencies that work on the proof-of-stake model, which applies to Ethereum, could be classed as a security. That would bring it under the purview of the regulators., did not name ether specifically.
"From a macro perspective as well, inflation did come in higher, and hence caused a sell off across all markets, but ethereum and altcoins did sell off harder, given they're along the more risky part of the crypto spectrum," Ayyar said.
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