Price Preview: September 28 - October 4
$200 million exchange hack and an uncertain macroeconomic climate but ETH mostly unscathed
Hello Ethereans!
With an uncertain US election just weeks away coupled with an emerging second wave of Covid-19, it’s hard to feel safe exposed to any asset that isn’t US Dollars. But ETH has defied the expectations of many investors with a bounce back from $309.44 at the start of September to today’s price of $364.03.
The recent ETH rally has also been unhindered by a $200 million hack at the exchange, KuCoin, where the hacker proceeded to dump coin after coin (and continues to do so) with little effect on prices. ETH’s steadfastness seems to indicate significant pent up demand that has been acquiring ETH and Ethereum tokens on any and every market dip.
While the uncertainty will continue up until the election (and perhaps into the weeks and months afterwards), the devastating market crash that many had anticipated has been held at bay for now.
With a more certain macro outlook on the horizon as well as the launch of Ethereum’s Phase 0 and Uniswap’s V3 (in which “Layer 2” will be employed), there’s a very bullish fundamental trend emerging that could see ETH break its 2020 highs.
In this preview we look at:
Bitcoin on Ethereum doubles to $1.2 billion
KuCoin’s $200 million hack
DeFi boom continues to new highs with an $11 billion TVL
Media roundup for the week ahead.
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