The post Ethereum price rallies above $3.1K after unexpected regulatory victory appeared on BitcoinEthereumNews.com.

ETH price hit $3,100, backed by a favorable court ruling and increased network activity. Ether (ETH) price rose by 5.5% on May 17, nearing $3,100 for the first time in 10 days. Analysts attributed this rally to a decrease in demand for fixed-income instruments following stagnant United States retail sales data in April. This data increased the market’s expectation of a potential interest rate cut by the U.S. Federal Reserve to boost the economy. Expansionary measures by the central bank are typically seen as bullish for risk-on markets, whether due to an increased monetary supply or reduced credit costs for businesses and individuals. Investors sought exposure to scarce assets, including cryptocurrencies, leading to gold reaching $2,410, just 0.8% below its all-time high. Ether’s surge was also driven by a U.S. Department of Justice indictment unsealed on May 15. The indictment accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain. The document stated that “Ethereum is a decentralized blockchain […] without the need for a trusted intermediary” and added, “No central actor runs the Ethereum Network.” Read more Source: https://cointelegraph.com/news/ethereum-price-rallies-above-3100-after-unexpected-regulatory-victory

---

Filed under: News - @ May 19, 2024 9:20 am