Ethereum Native Token Ether (Eth)He is gaining ground against Bitcoin
since it is likely that the Impending Genuis Law prohibits the stable that promise the performance of interest, according to Markus Thielen, founder of 10x Research.
The Ether-bitcoin ratio of the Binance list, which represents the price called BTC of Ether, increased more than 5.96% to 0.02670 on Tuesday, registering its best performance since May 13, according to the commercial view of the data source.
The suddenly marked an upward resolution to the range of several weeks and suggests continuous ether performance ahead. The price called Ether dollars increased more than 4%, exceeding $ 3,100 for the first time since February.
According to Markus Thielen, founder of 10x Research, the key driver for the increase in Ether prices is apparently the growing anticipation that the genuis law, or the Stablecoin invoice of the USA. UU., Will pass, restricting the emitters of EE. UU. To pay interest.
“That would potentially reinforce the importance of Ethereum within the digital asset ecosystem,” Thieen said in a client’s note shared with Coindesk.
Thielen added that the genuis law has highlighted the synthetic dollar of $ 5 billion Ethena in dollars, which achieves delta coverage or cash and takes arbitration to shorten future perpetual future equivalent to the amount of ETH received from users as collateral. This is how it generates performance in the USDE.
The long -lasting theory is that the short -circuit operation adds to the bearish pressures in the futures market and the limits, the gap between futures and spot prices.
“Ethena currently represents approximately 4% of open interest of $ 26 billion of Ethereum, and by constantly selling future, it has exerted downward pressure on ETH prices,” Thien said.
Ethena has already communicated with the United States Securities and Securities Commission (SECOND) Find clarity on synthetic dollars, such as USDE. According to the reports, the team argued that the synthetic dollar functions as a payment instrument instead of security and is beyond the reach of the Genuita Law and the stable law, which regulate the issuers of stable payment.
Ethena is based in Lisbon, Portugal, with new $ dollars that come mainly from outside the United States, so it remains to be seen how it fits the evolving regulatory image in the United States
“If Ethena complied with the Stablcoin bill of the USA. Uu., You could be forced to stop buying Ethereum completely. However, the market may be interpreting this dynamic in a different way: A-UDT continues to gather, backed by the increase in Ethereum financing rates,” Thielen said.
It is expected that the Genius law, which obtained the approval of the Senate in June with bipartisan support, is directed to a floor vote on the Chamber on Thursday.
Read more: the United States Senate passes the genius law to regulate Stablcoins, marking the profit of the cryptographic industry
