First Mover Asia: Bitcoin Struggles Following Inflation Report; California Crypto Bill Is an Overstep, Say Legal Experts

Ether, the second biggest crypto in market value, followed a similar pattern and was changing hands under $1,600, a roughly 6% decline from a day earlier as inflation worries trumped Merge excitement. The Merge, the shifting of the Ethereum blockchain from a slower, more energy sapping proof-of-work protocol to proof-of-stake is supposed to occur Thursday, although recent ETH activity, even before the disappointing CPI, has suggested that the most significant price increases have already occurred.