Governments all over the world continue to fight high inflation and financial markets remain uncertain. A new report by the World Bank predicts that global growth is slowing sharply and likely more countries will fall into recession.
Related: Michael Saylor Says Bitcoin Is Stronger After the Ethereum Merge
Cryptocurrency prices are down amid the current trends. The total crypto market cap stands at around $889 billion at the moment. Bitcoin trades at around $18,400, dropping by over 16% in the last 7 days. The price of Ether fell by nearly 26%. Currently, the coin trades at around $1,300.
On September 15, the Ethereum blockchain underwent the much-awaited update, called the Merge. Now, Ethereum relies on Proof-of-Stake consensus mechanism, which means mining is no longer used for transaction validation.