Dissecting Three Arrows Capital’s Fall; Ethereum Merge Spurs Continued Market Gains

Yet, bitcoin’s performance pales next to ether, the token of the Ethereum blockchain, which has skyrocketed about 50% over the past seven days as updates trickle in about the Merge. The Merge will shift the protocol from its current, energy-sapping proof-of-work model to a more environmentally friendly proof-of-stake one. The second-largest crypto by market cap after bitcoin was cruising comfortably above $1,500, a more than 1.5% increase over the previous day. Other major altcoins spent their Tuesday well in the green with YGG spiking over 26% at one point and ETC, the token of Ethereum Classic, climbing more than 15%.