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Giant banking firm claims crypto market finally “found floor” due to Ethereum merge

Seeing the current rally in the cryptocurrency market, giant banking firm JP Morgan, in a note to clients on August 8, said that the cryptocurrency market has ‘found a floor.’

According to JP Morgan analyst Kenneth Worthington, the recent strength in the crypto market was primarily due to two factors.

The first is that the market is able to reclaim its $1 trillion market capitalization due to reduced fallout from the Terra (LUNA) crash, as per the data from CoinMarketCap.

According to Kenneth, the prime reason for the recent rally in the market is the merged Ethereum. The merge will upgrade the ETH network from Proof-of-Work (PoW) to Proof-of-Stake (PoS), making it faster and more efficient, as per the media report on August 9.

The analyst said, “ we think the real driver for the rally is Ethereum merge and positive data following the launch of Sapolia testnet and Ropsten testnet in July and June respectively, referring to the merger being viable in 2022.

Moreover, JP Morgan noticed the surge in the price of BTC and ETH from their June lows and reported a 36% and 102% surge in BTC and ETH, respectively.

A successful merge of Ethereum and Ripple is scheduled to take place on September 19th, and a successful merge will uplift market sentiment, leading to a further rally in the market.

Read more news at CryptoShrypto:
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