It appears the usually stoic world of cryptocurrency has been thrown into a bit of a tizzy. Ethereum‘s ether, it seems, is outperforming bitcoin, because, well, the GENUIS Act is looming large, threatening to put the kibosh on those yield-bearing stablecoins everyone’s so fond of.
- Ethereum’s ether is doing rather well for itself, thank you very much, with the ether-bitcoin ratio rising a whopping 5.96% to 0.02670 on Tuesday – its best performance since May, no less.
- The price of ether has surpassed $3,100, because who needs stability when you can have a bit of chaos, eh?
BTCBTC $118,233.81 ◢ 1.26% – because who doesn’t love a good cryptocurrency ticker?
Markus Thielen, the founder of 10x Research, seems to think the GENUIS Act is the key driver behind ether’s price surge. “It’s all about the stablecoins, baby!” he didn’t say, but probably thought.
The upswing, it seems, is a bullish resolution to the multi-week range play, which is a fancy way of saying “people are making money, and everyone’s excited”.
Ether’s dollar-denominated price rose over 4%, because who needs dollars when you can have cryptocurrency?
Thielen thinks the GENUIS Act will pass, restricting U.S. stablecoin issuers from paying interest, which will, in turn, reinforce Ethereum’s importance within the digital asset ecosystem. Or, you know, it could all come crashing down. 🤷
Ethena’s $5 billion synthetic dollar USDe is also in the spotlight, because who doesn’t love a good synthetic dollar? 🤑
It’s all a bit complicated, but basically, Ethena generates yield on USDe by shorting perpetual futures equivalent to the amount of ETH received from users as collateral. Yeah, it’s a real mouthful.
The long-prevailing theory is that the shorting operation adds to bearish pressures in the futures market and caps basis, the gap between futures and spot prices. Or, you know, it’s all just a bunch of mumbo-jumbo. 🔮
Ethena’s already reached out to the U.S. Securities and Exchange Commission (SEC) to seek clarity on synthetic dollars, because who doesn’t love a good game of regulatory limbo? 🤹
The GENIUS Act, which got the Senate approval in June with bipartisan support, is expected to head for a floor vote in the House by Thursday. So, stay tuned, folks! 📺
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2025-07-16 10:49