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EU's Shift Towards Ethereum and Solana
The European Union (EU) has recently shown a surprising inclination towards utilizing Ethereum and Solana for its digital Euro project. This shift comes as the EU and the European Central Bank (ECB) consider operating the upcoming Central Bank Digital Currency (CBDC) on the blockchains of these cryptocurrencies, which would allow for public, faster, and more transparent transactions compared to a private blockchain. This move is seen as a response to the U.S. initiatives regarding stablecoins, particularly following the GENIUS Act, which has pushed for dollar-backed cryptocurrencies.
Juan Ignacio Ibañez, Secretary General of the MiCA Crypto Alliance, expressed mixed feelings about this development, stating, "A public, blockchain-based digital Euro has the potential to better interact with the entire infrastructure being developed on blockchain." However, he also noted concerns about increased EU influence over blockchains, which is generally viewed as a disadvantage.
Despite the potential benefits, the digital Euro has faced criticism. While it is seen as a necessary step following the U.S. stablecoin push, there are fears that it could lead to increased state surveillance. The ECB plans to launch the digital Euro in October, which would allow real-time tracking of payments and the ability to block transactions.
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Key Takeaways: The EU is considering Ethereum and Solana for its digital Euro project, aiming for transparency and speed in transactions. However, concerns about state surveillance and increased EU control over blockchain technology persist.
BitMine's Strategic Shift to Ethereum
BitMine Immersion Technologies has made headlines by transitioning from Bitcoin mining to becoming a major player in Ethereum management. Under the leadership of Tom Lee, the company has reportedly built the largest Ethereum treasury in the world, surpassing 1.7 million ETH tokens valued at over $4.96 billion. This strategic pivot, supported by tech investor Peter Thiel, marks a significant shift in the company's focus and has attracted considerable attention on Wall Street.
As of August 24, Ethereum reached a new all-time high of $4,953.73, while BitMine's stock surged approximately 540% since the beginning of the year, stabilizing around $50. Lee argues that Ethereum's utility, including staking rewards and smart contracts, offers more practical applications compared to Bitcoin's "digital gold" narrative, which is increasingly appealing to institutional investors.
Key Takeaways: BitMine has shifted its focus from Bitcoin to Ethereum, amassing a significant treasury and experiencing a substantial increase in stock value. Tom Lee advocates for Ethereum's practical utility over Bitcoin's traditional narrative.
Hyperliquid's Record Growth
Hyperliquid has recently reported a remarkable increase in its Total Value Locked (TVL), reaching a record high of $2.3 billion. The platform's 24-hour chain fees have surpassed those of Ethereum and TRON, indicating strong network activity and growing interest among traders. As of the latest data, Hyperliquid's fees amounted to $2.6 million, reflecting a robust trading environment.
The price of Hyperliquid (HYPE) has also seen a significant uptick, rising over 4% to approximately $44.87. The bullish sentiment is further supported by a long-to-short ratio of 1.20, the highest in over a month, suggesting that traders are betting on continued price increases. If the price maintains support above its 50-day Exponential Moving Average (EMA), it could continue its upward trajectory towards its all-time high of $49.88.
Key Takeaways: Hyperliquid has achieved record TVL and surpassed Ethereum and TRON in chain fees, indicating strong market activity. The price is on an upward trend, supported by bullish trading sentiment.
Sources:
- Unglaublich: Warum die EU jetzt plötzlich auf Ethereum und Solana setzt
- BitMine-Aktie: Ethereum statt Bitcoin? Tom Lees Milliarden-Wette am Kryptomarkt
- Hyperliquid: HYPE erholt sich - TVL erreicht ein Rekordhoch, Chain fees übertreffen Ethereum und TRON
- Ethereum-Kurs: 'Neuer Aufwärtstrend beginnt heute', Tom Lee
- 2,5 Milliarden US-Dollar: Neuer Mega-Staker dominiert Ethereum-Netzwerk
- BitMine-Aktie: Ethereum statt Bitcoin? Tom Lees Milliarden-Wette am Kryptomarkt
