“Lido and Ethena Surged Doubled Digits Friday as Both Tokens Look to Return to Last Week’s Highs.”, – WRITE: www.coindesk.com
The Gains Follows A Week-Long Decline took Place Alongside A Rapid Shift in Sentiment, WHICH is typically a signal to buy.
Lido and Ethena Are Returning to Last Week’s Highs After An Early August Rally Spurred by the Us Securities and Exchange Commission’s Statement that Liquid Staking Protocols Aren’t Securities.
The Sec’s Statement Was Viewed As Bullish for the Decentralized Finance (Defi) Ecosystom, In Particular for Ethereum-Basted Protocols that Depend on Staking Mechanisms to Generate.
ENA/USD and LDO/USD Charts (TradingView)
The Clarity Also Opened the Floodgates for Institutions, with Figment’s Dominance Over of Other Liquid-Staking Protocols Suggesting that Institutional Inflows Were Beginning To Drive the Sector.
Trading Volume for Ena Trading Pairs Doubled in the Past 24 Hours to $ 1 Billion, While LDO IS UP By BY 83% to $ 256 Million, Accounting To CoinmarketCap.
The Surge in Volume Coupled With Bitcoin BTC$ 116.837.62 And Ether’s (ETH) Ability to Hold Key Levels of Support Bodes Well for the Altcoin Sector in General, Althugh IT’s WORTH NOTING THAT The ETHER VALIDOR QUEUE REMAINS EXTRERERETRERERE.
WHEN THESE Ether Tokens Are Unstaked, They Can Either Be Sold on The Open Market as a Form of Profit-Taking, or Staked Elsewhere to Generate Upside.
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The token rose to a fresh record on coinbase on Friday.
- Ethereum Rose Nearly 15% in 24 Hours, Reaching A Record $ 4.866 After Powell Suggested Rate Cuts Could Arrive in September.
- The Rally in Ether Outpaced Bitcoin and Other Major Tokens, Fueled by Both Macro Optimism and Growing Institutional Acuality.
- Ether is Now up 45% Year-To-Date, As Investors Increating View the Ethereum Network As Wall Street’s Likely Blockchain of Choice.
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