{"id":14251,"date":"2022-11-01T17:13:25","date_gmt":"2022-11-01T17:13:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ethereum-will-continue-to-shake-up-global-financials\/"},"modified":"2022-11-01T17:13:25","modified_gmt":"2022-11-01T17:13:25","slug":"ethereum-will-continue-to-shake-up-global-financials","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ethereum-will-continue-to-shake-up-global-financials\/","title":{"rendered":"Ethereum Will Continue to Shake up Global Financials"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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According to Bloomberg\u2019s chief commodity strategist Mike McGlone, the dominant smart contract platform, Ethereum<\/a> (ETH), is set to further shake up global financials and its technology.<\/p>\n

In a new interview<\/a> with BNN Bloomberg, McGlone explained that he believes Ethereum\u2019s value is supported by the fact that dollar-pegged stablecoins require the network to function.<\/p>\n

The U.S. dollar, McGlone said, is the world\u2019s most traded crypto token supported by Ethereum, which is effectively revolutionizing the financial technology industry. He detailed:<\/p>\n

\u201cBasically<\/em>,<\/em> the dollar is the most widely traded crypto. It trades more than Ethereum and Bitcoin together. And that<\/em> is<\/em> because Ethereum tokens are making <\/em>this<\/em> possible.\u201d\u00a0<\/em><\/p>\n

According to the Bloomberg expert, ETH will begin to rise versus Bitcoin<\/a> (BTC) due to dwindling supply and rising demand. McGlone noted that a positive supply to demand ratio suggests that the price of ETH should be going up therefore. He said:<\/p>\n

\u201cThat trend of Ethereum still outperforming Bitcoin remains intact so it\u2019s been hovering around this good support around $1,000, good resistance at about $2,000, but what it did this year was somewhat revolutionary.<\/em><\/p>\n

It switched to a proof-of-[stake] platform which means virtually no consumption of energy <\/em>amidst<\/em> an energy crisis. Wow, that\u2019s kind of win-win, so you\u2019re doing well there. The key thing that I look at from a commodity standpoint is: \u2018What\u2019s going on with supply and demand?\u2019<\/em><\/p>\n

McGlone adds that the top cryptocurrencies are still gaining traction among the wider public stating:<\/p>\n

Supply is clearly going down and heading lower, and demand and adoption are clearly heading higher so I look at it as, unless something changes in those trends, price must go up over time. I look at price, it\u2019s relatively too cold. It should go back up and continue to outperform Bitcoin. It has been outperforming things like the Nasdaq over time and what\u2019s significant is that it\u2019s been doing it with incrementally lower volatility. What does that mean? It\u2019s migrating into the mainstream with maturation.\u201d<\/em><\/p>\n

In a recent interview, CEO and co founder of one of the world\u2019s largest cryptocurrency exchanges, FTX<\/a>, Sam Bankman-Fried stated that it is highly likely that his firm will create its own stablecoin<\/a> in the near future.<\/p>\n

At time of writing, Ethereum is trading at $1,579<\/a> according to CoinMarketCap<\/a> data, good for gains of over 17% over the last seven days.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) According to Bloomberg\u2019s chief commodity strategist Mike McGlone, the dominant smart contract platform, Ethereum (ETH), is set to further shake up global financials and its technology. In a new interview with BNN Bloomberg, McGlone explained that he believes Ethereum\u2019s value is supported by the fact that […]<\/p>\n","protected":false},"author":5,"featured_media":14252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14251"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=14251"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/14252"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=14251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=14251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=14251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}