Citibank expects upcoming Merge to be a one-of-a-kind event

Citibank believes the upcoming Merge will be a first-of-its-kind event.

The increased pressure on crypto companies is being described as ‘tightening financial conditions.’

According to the bank, the price of ETH has risen significantly in recent months, while Bitcoin has underperformed.

The launch of the Beacon Chain in 2020 was the most comparable event.

The conversion of the Ether network to a proof-of-stake mechanism may prove to be one of the most significant pivots in cryptocurrency history.

According to price tracking platform CoinMarketCap, the current price of ETH is $1,574, up 1.52% in the last 24 hours.

Citibank stated that it is difficult to predict how much of an impact the Merge had on the current ETH price level.