ETH - Why Ethereum Dropped 6% on Thursday Afternoon
Have you ever heard "buy the rumor, sell the news"? That's what investors are taking to heart today in cryptocurrencies.
The news today was The Merge finalizing early this morning on the Ethereum (CRYPTO: ETH) blockchain. That's great for the blockchain's energy usage, but it hasn't helped its value, which has fallen 5.9% in the last 24 hours as of 2:45 p.m. ET.
The value of Ethereum fell below $1,000 in mid June, which was when rumors that The Merge was imminent started to spread. Speculation around The Merge pushed the value of Ethereum higher and now speculators may be jumping ship.
For further details see:
Why Ethereum Dropped 6% on Thursday Afternoon