The Ethereum Merge Is Closer, Does It Pose A Threat To Other Altcoins?

The global market is retreating while the crypto market bleeds in anticipation of the Federal Reserve interest rate hike by another 0.75%.

Market participants are hopeful for an Ethereum bull rally once the Ethereum Merge is completed. Also, it’s important to see how other cryptocurrencies will react after the Merge, especially Bitcoin which is scheduled for September 15.

Conversely, the crypto community is also worried about what would happen if the Ethereum Merge goes wrong. The market has already suffered so much since the Terra collapse in May. Now, if the merger goes wrong, it will be an extremely disastrous event for the market.

Meanwhile, a prominent bitcoin org

bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile supporter, samson mow samson mow founder, ceo at Pixelmatic Samson Mow is Blockstream’s CSO (Central Statistical Office) and Pixelmatic’s CEO. Blockstream is the main supplier of blockchain advances, at the very front of work in cryptography and distributed systems. Pixelmatic was formed in 2011 by Samson and colleagues from Activision Blizzard, Relic, and Electronic Arts to create entertaining games that are social and inspire new connections.
 
His responsibility as COO of BTCC, one of the world’s major bitcoin exchanges and mining pools, was to supervise the company’s day-to-day operations. He served as a director of the production and executive producer at Ubisoft, where he spearheaded expansion into Asian markets for web, social, and mobile games. “The Smurfs & Co” is Ubisoft’s most successful social game to date, reaching over 10 million users. Before Ubisoft, he was in charge of business development and operations at Sitemasher, a Vancouver-based startup developing a SaaS platform for building websites and apps. 
 
He is associated with El Salvador’s arrangements to fabricate a “Bitcoin City” at the foundation of the Colchagua volcano. The arrangement is to utilize geothermal energy from the well of lava to drive Bitcoin mining in the city, and Bitcoin will be utilized to support the said project.
 
Mow and Blockstream are true guides on the bond’s plan, and the bond will be given with the sidechain-based settlement network Liquid, additionally made by Blockstream. On the task, that’s what he said “the general inclination was one of extremely impressive attachment and course.” With the El Salvador Bitcoin Bond project, as well as Blockstream’s recently discovered crypto unicorn status, 2022 is supposed to be one more bustling year for Mow.       EntrepreneurChief Executive OfficerMarket Analyst Followers : 0 View profile , claims that instead of boosting the network’s strength, ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile developers are focusing on tokenomics. He also says that after the Merge, Ethereum might be hit with regulatory action by centralized exchanges and staking platforms.

Samson points toward the need for validators to stake 32 ETH, which makes the proof of stake (POS) model highly centralized.

Ethereum Merge, A Risk For Bitcoin?

Overall, though there is hope for Ethereum to see a bull run after the Merge, a few investors and traders are worried about its downsides.

A market participant, known as Foss, claims that while everyone has a bullish stance, the Merge might be a downside risk for other cryptocurrencies. This is because of Ethereum’s connection with the Bitcoin price action.

Until now, though the market was hit with high volatility, Ethereum has witnessed bullish momentum. As per reports, the Ethereum Merge has successfully progressed by 96.55% and would be completed by September 15. 

At the time of writing, ETH is trading at $1,640 after a pullback of 6.25% over the last 24hrs.