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Digital Euro Needed to Protect Europe’s Financial Sovereignty, Says ECB Expert
Europe needs to embrace a digital version of its currency (or a digital euro) to stand strong against the rising popularity of stablecoins and the widespread use of payment systems from the United States.
That’s the message from Philip Lane, the Chief Economist at the European Central Bank (ECB).
According to a report, Lane believes that this move is vital for Europe to maintain its financial independence as the geopolitical landscape becomes more fragmented. He expressed worries about the potential risks of depending too much on payment methods that are not under European control.
Concerns Over Foreign Payment Systems
Lane pointed out the dangers of relying on payment systems originating outside of Europe. He suggests that this dependence could make the region vulnerable.
The increasing use of stablecoins, which are digital currencies often tied to the value of traditional currencies like the US dollar, also presents a challenge to the euro’s standing.
Lane thinks that if Europe doesn’t act, these foreign-controlled options could become dominant, weakening the euro’s role in the financial system.
As of today, the market cap of cryptocurrencies stood at $2.7 trillion. Chart: TradingView
Digital Euro As A Secure Solution?
The ECB sees the issuance of a digital euro as a means to provide a secure and universally accepted means of payment for all Europeans.
The new currency would be controlled within Europe, allowing the continent more control over its financial system. With its own digital currency, Europe might be able to cut back on payment services from abroad.
An image rendering of a digital euro. Source: Gemini Imagen.
Maintaining Europe’s Financial Autonomy
Lane underscored that in a more polarized world, it is important for Europe to protect its fiscal independence. He said a digital euro is an important step towards realizing this objective.
It would make sure that Europe possesses a sound payment system free from the rules or control of other countries. This step is regarded as integral to protecting Europe’s economic sovereignty in the future.
Counteracting Foreign Stablecoin Hegemony
The primary reason to promote the digital euro is in order to thwart stablecoins in other currencies dominating Europe.
The ECB fears that if these stablecoins in foreign currencies become heavily popular, then they would strip the euro of its status as the primary currency in Europe.
A digital euro would offer a European solution, providing that individuals and companies in Europe remain using and trusting the euro for their business.
The ECB feels that the forward-thinking initiative is required in order to defend the integrity and stability of the European financial system against emerging digital payment technologies.
Featured image from Gemini Imagen, chart from TradingView
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PancakeSwap price has led the broader market gains this Saturday, soaring nearly 10% amid renewed market interest. The protocol’s trading volume in the past 24 hours topped $2.5 billion, overtaking Uniswap and securing the pole position in terms of trading volume on DEXs. Notably, this market upswing is fueled by the recent BSC meme frenzy, per DeFiLlama statistics.
PancakeSwap Price Soars As Trading Volume Tops $2.5B; Here’s Everything
According to DeFiLlama data on March 22, PancakeSwap was the top DEX in terms of intraday trading volume, boasting $2.542 billion. This massive volume is more than double the second-largest DEX Uniswap, per on-chain statistics.
The weekly trading volume for the same came in at $15.46 billion, up 73% in the last seven days. Overall, the massive boost in volumes is attributed to the BSC meme frenzy, according to Wu Blockchain on X.
In the interim, CoinGape found that DeFiLlama’s intraday data also underscored rising volumes due to BNB Chain projects. Currently, PancakeSwap is the only DEX with a weekly trading volume of more than 10 billion, underlining a milestone feat. As an upshot, the DEX’s native coin also witnessed an upswing of nearly 10%.
PancakeSwap Price Overview
The native coin CAKE price witnessed gains worth 10% intraday and exchanged hands at $2.62. The crypto bottomed and peaked at $2.36 and $2.83 in the past 24 hours.
Market participants also appear to be optimistic about price movements, as indicated by the native coin’s intraday trading volume surge of 86% to $483.18 million. As mentioned above, this bullish action reflects rising market interest in the asset, escorted by burgeoning volumes.
Derivatives Market Adds Market Optimism
On the other hand, the derivatives market also saw a substantial money influx, offering market support to the DEX project. CAKE futures OI gained nearly 15% over the day, reaching $85.36 million. Also, the derivatives volume rose by 146% to $867 million today. This data signaled heightened market interest in PancakeSwap price actions.
Altogether, on-chain and market data collectively indicate a highly bullish sentiment for the token prevailing among traders and investors. This optimism is primarily dominated by BSC meme frenzy, potentially corresponding to the recent rise of meme coins like MUBARAK and BabyDoge Coin, among others.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Over the past week, the Shiba Inu price has faced strong volatility, however, it has managed to hold above the $0.0000125 support levels. Furthermore, large volume transactions for SHIB and rising burn rate can serve as an additional catalyst for the same. Technical chart indicators show that a SHIB breakout can lead to an 81% upside for the second-largest meme coin.
Shiba Inu Price Breakout Can Trigger 81% Upside
Shiba Inu price is showing signs of a potential bullish reversal as it breaks out of a falling wedge pattern on the daily timeframe. The daily chart shows SHIB trading within a descending channel that has been in place since December 2024, with the price recently testing the upper boundary of this channel. The cryptocurrency reached a high of $0.00001303 and a low of $0.00001293 during this period as shown in the below image.
As shown in the above image, a breakout from this descending channel can trigger the next SHIB bull rally with a potential target of 81% on the upside. Some market analysts are also predicting a 17x Shiba Inu rally from here onwards.
Shiba Inu Transaction Volumes on the Rise
With the Shiba Inu price staging a rebound to $0.00001367 yesterday, the network has witnessed a large transaction volume for the same. On-chain data from IntoTheBlock revealed a significant spike in large Shiba Inu transactions, each valued at $100,000 or more, on March 20.
This coincided with the SHIB price seeing a surge past $0.000013 levels for the first time in a week. The total volume of these transactions rose to 7.49 trillion SHIB, valued at over $97 million at the $0.000013 price point. Thus, it shows a massive 197% jump from the 2.52 trillion SHIB traded the previous day.
Over the last weekend, the SHIB transactions dropped to a low of 571 billion. However, whale activity has resumed once again showing potential interest from big players. The latest spike of 7.49 trillion SHIB marks the highest transaction volume in nearly two months.
SHIB Burn Rate on the Rise
As per the data from SHIBBurn, the overall Shiba Inu burn rate has surged by 21% in the last 24 hours, now moving past $17.1 million. Over the past week, we have seen a strong surge in the SHIB burn rate thereby raising overall market optimism surrounding the meme coin.
Following the latest burn event, the total number of Shiba Inu tokens permanently removed from circulation has climbed to 410,745,403,545,103. This brings the circulating supply down to approximately 589,254,596,454,896 tokens.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethena price remains concerningly eyed by crypto market participants against the backdrop of a severe bearish trajectory. ENA erased nearly 4% in the past 24 hours, in sync with a renowned market maker dumping over $10 million worth of tokens. Thus, traders and investors anticipate additional short-term volatility in the coin, whilst it recently faced rejection at a key resistance of $0.48.
Ethena Price Gains Bearish Momentum, Here’s Why
On-chain data from Arkham Intelligence on March 22 signaled that market maker Amber Group deposited $10.35 million worth of ENA to Binance. Out of the deposits, $2.5 million worth of tokens were acquired from the same crypto exchange two weeks ago. This accumulation took place at an average price of $0.3979.
On the other hand, Amber Group received $7.85 million worth of coins from the Ethena Claim address. These tokens were received between April 2024 and July 2024.
For context, the market maker’s massive dump to Binance impacts a crypto’s supply dynamics. In turn, market participants expect short-term volatility in price. However, speculations of a bolstered movement also prevail as this endeavor will increase liquidity and trading volumes, thereby magnetizing investors.
Ethena Token Unlocks: Another Vital Barrier For Price?
Simultaneously, ENA tokenomics faces additional heat amid massive token unlocks recorded this month. Notably, Cryptorank’s data flagged 2.06 billion coins, worth 13.9% of the total supply, unlocked on March 5.
Meanwhile, 94.19 million coins, worth 0.63% of the asset’s total supply, were unlocked on March 2. These unlocks substantially increase the asset’s market supply, negatively impacting demand and price sentiments.
Another massive unlock of 94.19 million coins is set to occur on April 2. Further, 171.85 million tokens will be unlocked on April 5. As a result, traders and investors reflect highly concerning sentiments surrounding Ethena price action ahead as the supply inflates.
How Is The Crypto Delivering As The Month Ends?
At the time of reporting, Ethena price crashed nearly 4% and exchanged hands at $0.3581. The coin bottomed and peaked at $0.3497 and $0.3763 in the past 24 hours. Notably, the waning price action comes in sync with Amber Group’s massive dump to the top crypto exchange.
Whereas, the weekly and monthly charts show a dip of 1% and 11%, respectively. The broader slumping action falls in line with the massive token unlocks mentioned above.
Renowned market trader and analyst Sjuul/AltCryptoGems took to X, revealing that ENA again faced crucial resistance at $0.48, slamming the chances for a pump ahead. “If bulls fail to defend this demand, it would be a pretty bad sign,” the analyst concluded amid bearish dynamics taking over.
Additionally, an Ethena price prediction by CoinGape indicated that the crypto’s 3-month bias indicator is tilting in favor of bears. This has further pushed traders and investors to take a cautious trading approach on the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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