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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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Crypto analyst Investing Scope has predicted that the Dogecoin price is set to reach the much-anticipated $1 level. The analyst also suggested that now is a great time to accumulate the foremost meme coin as a once-in-a-year buy opportunity returns.
Dogecoin Coin Eyes Rally To $1 As Buy Opportunity Returns
The Dogecoin price is eyeing a rally to $1 as a buy opportunity returns. In a TradingView post, Investing Scope mentioned this $1 target while revealing that this once-in-a-year buy opportunity is aiming for the 1.618 Fibonacci extension on the higher high trendline. His accompanying chart showed that the projected rally for DOGE is already in play and that a deeper correction is unlikely.
Commenting on the current Dogecoin price action, the analyst stated that DOGE is neutral on its 1-day technical outlook. He added that the foremost meme coin is recovering from its prior oversold state and testing the 1-week MA50 for the first time in three weeks.
This current rebound is said to have been made after the Dogecoin price touched the 1-week MA200, which the analyst claimed is the new long-term bottom, similar to August 5th, 2024, and October 9th, 2023.
Crypto analyst Master Kenobi also recently predicted that the Dogecoin price could reach $1 by June later this year. The analyst revealed that DOGE is mirroring a bullish pattern from the 2017 bull run, which is why he believes that the foremost meme coin could reach this price target. This projected rally to $1 will represent the second phase of Dogecoin’s bull run, just the same way there were two equal pumps in the 2017 market cycle.
Key Levels To Watch For DOGE
In an X post, crypto analyst Ali Martinez revealed the key levels to watch for the Dogecoin price. He highlighted $0.177 and $0.207 as the major support and resistance levels for the foremost meme coin. He added that these levels are crucial for determining the next price movement.
In an earlier post, Martinez stated that the SuperTrend indicator suggests that the Dogecoin price could enter a bullish phase upon breaking the $0.21 resistance level. Market participants are betting on a bullish reversal for DOGE as Martinez revealed that 76.65% of traders on Binance futures are long on the meme coin.
Crypto analyst Trader Tardigrade is also predicting massive moves for the Dogecoin price. In one post, he stated that the meme coin’s macro chart follows the DOGE cycle. His accompanying chart showed that the foremost meme coin could rally to as high as $8 in this market cycle.
At the time of writing, the Dogecoin price is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
The Securities and Exchange Commission’s (SEC) decision to drop lawsuits against several major crypto players has left the Ripple case as a notable exception. Recently, the US SEC dismissed litigations against Kraken, Cumberland, and Consensys, sparking curiosity about the status of the XRP lawsuit. Fox Business journalist Eleanor Terrett took to X to share insights on the possible reasons behind the SEC’s delay in the Ripple case.
Let’s take a closer look at the Ripple case and the SEC’s decision to exclude the platform while dropping lawsuits against other crypto companies.
Is US SEC Further Delaying the XRP Lawsuit?
In her recent X post, Fox Business reporter Eleanor Terrett shared insights on the possible reasons for the SEC’s delay in the XRP lawsuit. While the SEC intentionally missed Ripple while dismissing cases against other major firms, Terret stated that the move wasn’t surprising.
Emphasizing the unique circumstances of the Ripple case, Terrett stated, “No Ripple here but I’m not entirely surprised because, again, it is slightly different to these other cases.” The journalist pinpointed the complexities surrounding the XRP lawsuit unlike other crypto lawsuits.
The SEC’s approach to resolving the XRP lawsuit differs from other crypto cases due to an existing injunction. To move forward, the SEC must request Judge Torres to lift this injunction, allowing them to proceed with voting on the withdrawal of the appeal and other related matters.
SEC Dismisses Kraken, Cumberland, Consensys Cases
In a recent development, the US SEC officially announced the dismissal of the crypto lawsuits involving Kraken, Cumberland, and Consensys. This decision comes after the SEC filed a joint stipulation with each company. The filing agrees to dismiss the cases with prejudice, meaning they cannot be refiled.
It is noteworthy that the dismissal comes without any financial implications for the crypto firms. Dropping the lawsuits, the Commission underscored the irrelevance of the cases. However, the regulator clarified that its decision does not imply a change in its position on the underlying issues of the lawsuits.
As highlighted by Terrett, these dismissals do not impact or influence the ongoing XRP lawsuit. Meanwhile, the Ripple lawsuit is expected to follow specific procedures, which may lead to a delay in its conclusion. The settlement process for the Ripple lawsuit involves several steps. This includes the SEC’s request to lift the existing injunction and the subsequent voting on the withdrawal of the appeal.
Recently, attorney Fred Rispoli shared a possible timeline for the Ripple case settlement. He stated that the lawsuit will end within the next 60 days.
How This Delay in the Ripple Lawsuit Settlement Impact XRP Price?
Amidst the complexities and uncertain timeline surrounding the Ripple case settlement, the XRP price faces major corrections. As of press time, XRP is trading at $2.21, with a 5.38% dip in a single day. Over the past week and month, XRP has plummeted by 6.7% and 2.2%, respectively.
Despite this negative trend, a positive sentiment persists among investors, as indicated by a 17.6% surge in trading volume, currently at $3.85 billion. This sparks a bullish prediction for XRP, with analysts foreseeing its ascendance to $11.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
Crypto market participants, traders, and investors are increasingly divided over the consequences of mass token listings on centralized exchanges (CEXs).
As the discourse intensifies on token listings on CEXs, some industry figures warn of deteriorating listing standards. Meanwhile, others argue that an open listing approach will ultimately benefit the market.
Analysts Challenge Mass Listings on CEXs
Benjamin Cowen, a crypto analyst and founder of Cryptoverse, shared his concerns regarding the declining quality of tokens listed on major exchanges. He criticized exchanges for promoting long-term investing while listing low-quality “shitcoins,” highlighting their hypocrisy in the crypto market.
“Some crypto exchanges are listing shittier and shittier coins. They’ll tell you to focus on fundamentals and long-term investing one day, and then list the most useless garbage no one has even heard of the next,” he stated.
Another analyst, Colin Talks Crypto, further argued that the primary motivation behind these listings is to profit from transaction fees rather than the quality of the projects. Other voices in the debate suggested that exchanges focus on listing tokens when trending and remove them when interest fades.
“They want volume and fees and list when it’s hit and delist when it gets cold. CEXs this cycle have been showing us why DEXs are the future,” an X user remarked.
Indeed, this aligns with the hallmark of Binance Exchange’s delisting guideline. As BeInCrypto reported, the trading platform commits to reviewing the performance of its listed trading pairs. It removes tokens and trading pairs not meeting liquidity and volume thresholds.
Recent listings on Binance, including meme coins from the BNB Chain, such as JELLY, have fueled these criticisms. Against this backdrop, crypto influencer Leonidas expressed frustration with Binance.
“Your listing team just spot-listed four low-cap insider-controlled meme coins that nobody has ever heard of… I’ve watched for the past year as you guys have listed $10m-$20m garbage meme coins over and over while ignoring the largest market cap memecoins with real communities,” the analyst lamented.
Others also speculated that centralized exchanges might engage in pre-listing accumulation before selling to retail investors.
The Case for Mass Listings on Centralized Exchanges
Despite these criticisms, some experts argue that mass listings could benefit the market in the long run. Jason Chen believes that accelerating token listings will desensitize the market. In his opinion, this would remove the speculative hype around new listings and foster a more competitive trading environment.
“There will no longer be a listing effect, no more premium, and everything will return to a free game state,” Chen explained.
Changpeng Zhao (CZ), Binance’s founder, agreed with this perspective, noting that listing a coin should not affect the price. While listing provides liquidity, allowing for freer entry and exit, it may influence the price in the short term.
However, according to CZ, this should be very short-term. In the long run, prices should be determined by the project’s development. This also aligns with Binance’s listing and delisting criteria, which analyze elements such as the team’s commitment to the project, the level and quality of development activity, and the network and smart contract stability.
“The DEX model is very good. All coins are listed and people can choose for themselves,” CZ added.
Crypto trader Paul Wei also supported this argument but cautioned against oversimplifying the relationship between listings and long-term valuations. He also challenged CZ’s view that coin listings on CEXs like Binance do not influence long-term prices, arguing that listings affect a project’s “development” by enabling freer trading, which shapes price trends.
Meanwhile, recent controversies, such as the Hyperliquid JELLY token incident, highlight the growing divide between CEXs and decentralized exchanges (DEXs). BeInCrypto reported allegations of market manipulation. This has fueled skepticism over centralized exchanges’ practices, hence the CEX vs. DEX crypto debate.
Critics argue that such cases demonstrate the advantages of DEXs, where token listings are unrestricted, and market forces dictate valuations without centralized intervention.
Amidst this ongoing debate, CZ articulated that Coinbase’s recent decision to list BNB perpetual futures was purely on merit. It is also worth noting that Binance recently resolved to include users in its listing and delisting actions, fostering democracy.
The exchange also adopted a secondary listing mechanism. Instead of exclusively listing new tokens on its centralized exchange, it will leverage Binance Wallet to facilitate token launches on decentralized platforms.
Disclaimer
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