Bitcoin edged up to about $20,000 while Ether, the native token of Ethereum, also made modest gains to hover around $1,605 as of 11:21am in Tokyo. The MVIS CryptoCompare Digital Assets 100 Index has shed some 6% this week.
“The market is pricing in a virtually successful Merge to happen,” Teong Hng, co-founder at digital-asset platform Satori Research, said on Bloomberg TV. “For institutional investors, ones who are ESG conscious, they will use this as an opportunity to dip their toes into blockchain, into tokens, into Ethereum.”
Ether has climbed about 80% since a mid-June low, far outstripping Bitcoin, partly on Merge hype. That rally is cooling and another market risk is that investors will take profits, judging the narrative has played out for now.
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