Ethereum price rally towards $400 & “Digital Euro” prospects

The ETHUSD price swing shows a continued rally towards the $400 level, near the 50% Fib retracement at $394.32.

The price of Ethereum (ETHUSD) is at $388, approaching the high of $394.32 formed on September 17. The main reason that seems to be driving Ethereum today is the fact that the USD is still under broad pressure, and it may continue. Goldman Sachs said they expect the Greenback to remain under pressure as Biden’s chances of winning the election continue to increase. The USIndex remains neutral.

Ethereum is in a persistent pattern at a time when DeFi’s* popularity continues to grow. The DappRadar report shows that the industry experienced significant growth in Q3. The total value of transactions in DeFi rose to $123 billion during Q3 2020, with 96% of the total DeFi transaction volume belonging to Ethereum. According to DefiPulse data, 40 of the 41 largest DeFi projects are in the Ethereum industry.

Further interesting news comes from ECB Lagarde. According to BusinessInsider, the ECB is moving a step closer to exploring the creation of a virtual currency, after president Christine Lagarde said on Monday that the ECB is “very seriously considering” the Digital Euro.

She said the COVID-19 pandemic has caused many structural changes, including the way “we work, we trade, and we pay.” As a result, digital payments have increased significantly, especially in countries like Germany and Italy where “cash was king”, “as people used to walk around with paper money”. “There is a lot more confidence in digital payments and significant changes are taking place,” she said.

ECB’s Lagarde said the pandemic caused e-commerce to rise by nearly 1/5 in terms of volume and sales between February, when the outbreak first hit Europe, and June this year, when there were many lockdowns.

In a study published earlier this month, the ECB said the digital euro would help citizens by providing access to fast money in a fast-changing digital world.

*DeFi is short for “decentralized finance,” a generic term for various financial applications in cryptocurrency or blockchain geared towards disrupting financial intermediaries.

XRP stuck in tight range as whale demand, on-chain activity strengthen

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Bitcoin rises toward $64,000 as Coldcard exploit, strategy sales recede – ADA advances

Bitcoin rose 1.6% over the last 24 hours, climbing as high as $64,160 to the highest since July 31 before retreating. The rebound followed a selloff spurred by an exploit that targeted a cold wallet over the weekend and bitcoin sales by the world’s largest corporate holder.

Crypto Today: Bitcoin, Ethereum, XRP shows recovery signs as Ethereum and XRP struggle

Bitcoin (BTC) advances above $63,000 on Tuesday, buoyed by increasing investor risk appetite. Ethereum (ETH) continues to trade under pressure below the supply range at $1,900 and above the short-term $1,800 support. At the same time, Ripple’s (XRP) upside is constrained under the pivotal $1.10 level while support at $1.00 remains intact.

US Yen intervention puts Bitcoin, risk assets on notice for liquidity flux

Washington’s growing coordination with the Bank of Japan (BoJ) points to a potential boost in global dollar liquidity — even as it runs up against a yen carry trade unwind that could squeeze liquidity if it deepens further. Last week, the US and Japan conducted a rare joint intervention to prop up the yen, which had slid to 40-year lows of 164 per dollar — the first of its kind since 1998.

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.