Apr 9, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as ether rallied to near $3,600 during the early hours of the East Asia trading day.

Video transcript

What caused its price movement. And a study calls for more consistent stablecoin regulations. You're watching Coindesk Daily, I'm your host, Jen Sani. According to Coindesk indices, data, ether prices rallied to $3600 while Bitcoin remained around 71,000. Its Bitcoin bearing performance could be attributed to continued market interest in Decentralized Finance Protocol, Athena which has seen its total value locked across the $2.2 billion mark over the last few days after crossing $2 billion on April 6th. This may be purely a rally based on token demand rather than the hope for an ether spot ETF approval in the near future. Betters on poly market see a 16% chance of a spot ether ETF being approved by the end of May and only a 45% chance of it being approved by the end of June crypto trader, Eisenberg's criminal fraud and manipulation trial will open on Tuesday. The trial is expected to run for two weeks and will determine whether Eisenberg broke the law when he deployed a self described highly profitable trading strategy that crippled mango markets in October 2022. Eisenberg is accused of illegally gaming mango markets futures contract by manipulating the price of the Mango token and then borrowing effectively all of Mango's deposits against his position. He walked away with 100 and $10 million in cryptocurrencies. Other people had deposited on the platform later returning a portion of that in exchange for a promise that Mango's backers would not seek his prosecution. That promise was not kept. And a financial stability study calls for consistent regulatory response to Stablecoins. The Financial Stability Institute which was jointly created by the Bank for international settlements. And the Basel Committee on banking supervision is tasked with assisting global regulators in strengthening their financial systems. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.

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