How to Use Decentralized Exchanges (DEXs)
18/05/2024
XRP Awaits Crucial Breakout, Ethereum (ETH) Holds Potential Surprises, Bitcoin (BTC) Unstoppable Towards $71,000
18/05/2024
Ethereum Price Surges Above $3,100 Following Unexpected Regulatory Victory
The price of Ethereum (ETH) rose above $3,100, supported by a favorable court ruling and increased network activity.
On May 17, Ether (ETH) saw a 5.5% increase, reaching $3,100 for the first time in 10 days. Analysts attributed this rally to decreased demand for fixed-income instruments following stagnant U.S. retail sales data for April. This data boosted market expectations of a potential interest rate cut by the U.S. Federal Reserve to stimulate the economy.
Expansionary measures by the central bank are generally seen as bullish for risk-on markets, due to increased monetary supply or reduced credit costs. As investors sought exposure to scarce assets, cryptocurrencies surged, with gold reaching $2,410, just 0.8% below its all-time high.
Court Ruling Boosts Investor Confidence
Ether’s surge was also driven by a U.S. Department of Justice indictment unsealed on May 15, accusing two individuals of wire fraud and money laundering through Ethereum blockchain manipulation. The indictment emphasized Ethereum’s decentralized nature and noted that its smart contracts enable transactions without a trusted intermediary. This bolstered investor confidence, especially following the U.S. SEC’s Wells notice
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