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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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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.

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

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

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