Crypto wrap: What to expect from the market after Ethereum's 'Merge'

With Merge, Ethereum has transitioned from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS). It is expected to cut energy consumption for minting the digital tokens by 99.5 per cent

This week's biggest news in the crypto industry was the completion of Ethereum's update, Merge. However, it failed to bring the market out of the bear grip. In the last seven days, Ethereum has plunged over 13 per cent. Bitcoin, the largest digital currency by market capitalisation (m-cap), is down nearly 5 per cent.

Almost all the major cryptocurrencies, including Binance Coin (BNB), XRP, Cordano, and Solana, were down over 5 per cent on Friday.

"The Merge may not have any immediate impact on the price action of ETH now as it takes some time for the market participants to