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Ethereum price rallies above $3.1K after unexpected regulatory victory

ETH price hit $3,100, backed by a favorable court ruling and increased network activity.

Ether (ETH) price rose by 5.5% on May 17, nearing $3,100 for the first time in 10 days. Analysts attributed this rally to a decrease in demand for fixed-income instruments following stagnant United States retail sales data in April. This data increased the market’s expectation of a potential interest rate cut by the U.S. Federal Reserve to boost the economy.

Expansionary measures by the central bank are typically seen as bullish for risk-on markets, whether due to an increased monetary supply or reduced credit costs for businesses and individuals. Investors sought exposure to scarce assets, including cryptocurrencies, leading to gold reaching $2,410, just 0.8% below its all-time high.

Ether’s surge was also driven by a U.S. Department of Justice indictment unsealed on May 15. The indictment accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain. The document stated that “Ethereum is a decentralized blockchain […] without the need for a trusted intermediary” and added, “No central actor runs the Ethereum Network.”

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Bitwise files Form S-1 for spot Solana ETF with SEC

Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year

Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the YearThis year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized […]

Bitwise files Form S-1 for spot Solana ETF with SEC

Crypto Exchange Giant Coinbase Offers Custody Support for Six Little-Known Altcoins, Including Four DeFi Tokens

Crypto Exchange Giant Coinbase Offers Custody Support for Six Little-Known Altcoins, Including Four DeFi Tokens

Coinbase continues to expand its crypto footprint by extending custodial services support to half a dozen altcoins, including four decentralized finance (DeFi) tokens. In a new announcement, the US-based cryptocurrency exchange says it’s adding six new cryptocurrencies to its roster of 200+ assets that are part of the Coinbase Custody cold storage trust. Coinbase Custody […]

The post Crypto Exchange Giant Coinbase Offers Custody Support for Six Little-Known Altcoins, Including Four DeFi Tokens appeared first on The Daily Hodl.

Bitwise files Form S-1 for spot Solana ETF with SEC

Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million

Offchain Labs Launches Arbitrum One Mainnet — Startup Raises 0 MillionOn August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further detailed that the company has raised $120 million in funding. The Series B financing led by Lightspeed Venture Partners gives the firm a $1.2 billion valuation. Arbitrum One Mainnet Is Now Live, Offchain Labs Raises $120 Million in Funding […]

Bitwise files Form S-1 for spot Solana ETF with SEC

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021As crypto markets saw some recovery on Tuesday, decentralized finance tokens and applications have once again started swelling in value. Decentralized exchange (dex) trade volumes have increased a great deal, as daily swap volumes stemming from Ethereum-based dex applications have doubled since Monday. Pancakes, Sushi, and Unicorns Decentralized finance continues to astonish, as billions of […]

Bitwise files Form S-1 for spot Solana ETF with SEC