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What happened? The founder of the Chinese mining pool BTC TOP Jiang Zhuoer suggested that the bearish trend in the cryptocurrency market will end by the end of 2022, simultaneously with the transition of the Ethereum blockchain to the Proof-of-Stake (PoS) consensus algorithm. He also believes that it is Ethereum that after the update will become the leader in the next bull market.
What other statements have been made? Zhuo’er explained that the previous bull market ended on November 10, 2021, at the end of a four-year cycle. Focusing on historical data and charts, the founder of BTC TOP predicts the end of the bear market simultaneously with the release of the “Merger” update, which will transfer Ethereum to PoS. He also believes that the network’s market leadership will be ensured through a mechanism of constant burning of tokens, which will counteract ETH inflation, as well as the total amount of blocked funds (TVL) in all applications built on the blockchain.
What is Ethereum 2.0? This is a major update to the network, preparations for which began in December 2020. The main goal of Ethereum 2.0 is to change the consensus algorithm from Proof-of-Work (PoW) to PoS.
What events have happened before? On May 20, Ethereum co-founder Vitalik Buterin said that the transition of the blockchain from PoW to PoS will take place in August 2022. He also added that if there are risks, the release of Ethereum 2.0 can be postponed to September or October of the same year.
In March, Bitwise predicted the growth of the crypto market until the end of 2022. According to Chief Investment Officer Matt Hogan, this will be facilitated by the signing by US President Joe Biden of a decree on the regulation of digital assets.
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