The rampant inflation of the US dollar has been the talk of the town lately, setting the world’s financial circles abuzz. The recent unsettling data indicates that US inflation has hit a 40-year high, however, the YoY rate of Core inflation has shown a promising decline to a more manageable 4.3% from a concerning 4.7%. This fact might be deemed encouraging to some as it suggests a decreased urgency for the Federal Reserve to continue its interest rate hiking spree. Let’s not forget that since last March, the Federal Reserve has hiked the interest rate a staggering 525 basis points to a current state of around 5.25-5.5%.
On a different note, Ether (ETH), the foundation stone of Ethereum, the leading smart-contract-enabled layer 1 blockchain, has exhibited a modest recovery of late. Ether’s price has recently risen roughly 5% from some of its lowest weekly figures in the vicinity of a $1530 valuation. According to Jeff Dorman, CIO at Arca, the overall panic-inducing market response to the potential sales from the crypto exchange FTX could be classified as an overreaction. His belief stems from a perceived misunderstanding of how a syndicated sale process operates.
ETH’s recovery may be due to several factors. Potential dip buying activity might be one reason, as evidenced by nearly $10 billion in trading volumes in the Ether market. Despite the upliftment, concerns over a drop to sub-$1,500 levels persist, rooted in the continuing unfavorable near-term outlook. Good news on the horizon, though, as ETH’s future ETF approvals in the US seem to be only a few months away, with spot ETF approvals expected next year.
Despite the skepticism, enthusiasts are still pondering about ETH’s potential to skyrocket to a staggering $10,000 in the ensuing years. Yes, you read that right, five figures. As remarkable as it sounds, this scenario isn’t entirely impossible if Ethereum keeps up its rapid adoption rate and remains at the helm as the leading Web3 infrastructure provider. Indeed, Ethereum’s future seems glittering with a series of network upgrades set to address scalability issues expected in the upcoming quarters.
In the volatile and uncertain landscape of cryptocurrency, smart investors should consider diversifying their portfolios. An exciting alternative is a new coin being launched by Wall Street Memes, a popular retail investing community. This venture is punching above its weight, raising over $25 million and receiving endorsements from heavy hitters in the crypto world. Interested investors ought to hurry since the presale is set to end in less than a fortnight. But keep in mind, just as with any investment, proceeding with caution and prudence is essential; skepticism should always have a place at the table when navigating uncharted territories.
Source: Cryptonews
