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The Merge is around the corner and the Ethereum (ETH) developers might be in a well-stable state of mind. However, there were a few worries that the cryptocurrency industry started witnessing quite recently. Among such issues, one is related to the highly anticipated upgrade on the Ethereum network. The crypto community seems under-confident about the merger.
Recently, similar issues were raised in a YouTube video of Altcoin Buzz talking about problems with the Merge. The first and perhaps the crucial issue relates to the stablecoin market given the majority of stablecoins are tied to Ethereum smart contracts. This puts the danger over the stability of stablecoins. The Crypto market has seen the repercussions of the situation when a stablecoin becomes subject to instability in the case of Terra’s algorithmic stablecoin UST collapse.
Even Maker DAO recently warned of the dangers surrounding the Merge. At worse, it is also expected that significant stablecoins like USDT and USDC might possibly lose their peg as a result of negative sentiments.
Users who might gain from the native crypto asset ETHPoW by borrowing ETH earlier than the Merge, are the ones who are putting the ETH market at risk. On top of that, Binance asserted that it will halt the deposits and withdrawals of ETH and ERC-20 during the upgrade.
At the moment, ETH is having difficulty due to the market’s strong bearish headwinds. Following sell-offs that took place recently, data indicates that the price of ETH is at $1,564. However, it has demonstrated tenacity recently with gains of 4.27% despite slight dips since September 2.
The community also anticipates that a successful Merge will eventually help Ethereum’s price trajectory rise. The uncertainties around the Merge still exist and it might bring anything helpful to the table while the bear market continues to grip us.
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