Summary
- It was reported that Ethereum prices surged on expectations of the passage of the GENUIS Act.
- An analyst at 10X Research stated that if the legislation prohibits stablecoin issuers from paying interest, the significance of Ethereum could become even more pronounced.
- As of 4:53 PM on the 16th, Ethereum was trading at $3,170, up 6.47% from 24 hours earlier.
The sharp rise in Ethereum (ETH) prices is attributed to expectations surrounding the passage of the U.S. stablecoin legislation, the GENUIS Act.
On the 16th (local time), Markus Thielen, an analyst at 10X Research, stated in an interview with CoinDesk, "Expectations over the passage of the U.S. GENUIS Act are the key reason behind the recent Ethereum price surge," adding, "If the Act prohibits U.S. stablecoin issuers from paying interest, Ethereum's importance could become even more prominent."
As of 4:53 PM, Ethereum is trading at $3,170 on the Binance USDT market, up 6.47% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
