The former CEO of BitMEX Bitcoin exchange Arthur Hayes in an interview with Bankless allowed Ethereum quotes to soar to the $3,000 level after the main network of the second most capitalized cryptocurrency switched to the Proof-of-Stake (PoS) consensus algorithm.
In his opinion, the reduction in the number of ETH will become a powerful impetus for the growth of the asset’s price. Hayes cited the development of the DeFi-segment as another factor in increasing demand for Ethereum.
He believes that the activation of The Merge update would have been a big boost to the second most capitalized cryptocurrency had it not been for the collapse of Terra and the bankruptcy of Three Arrows Capital a few weeks before the announcement.
As a reminder, Ethereum developers planned the migration of the core network to PoS around September 15.
On September 6, they activated the Bellatrix upgrade. The upgrade is the last step before The Merge.