Ethena buying back 83 million ENA tokens during market upheavals
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John Kojo Kumi, a renowned cryptocurrency researcher and writer, specializes in blockchain ecosystem, DeFi, NFTs, and Web3 innovations.
Investment News
Arthur Hayes, a prominent figure in the cryptocurrency industry, has made a significant move by investing $1.5M in ENA tokens. This investment signals industry backing for the digital asset.
Meanwhile, the Ethena Foundation repurchased 83 million ENA tokens between July 22 and 25, a move that has contributed to a 8% rise in ENA's market price. However, the buyback has raised questions about transparency due to large token transfers to major exchanges.
Market Developments
ENA's price has shown a steady increase, with a 25.05% rise over the past 7 days and a staggering 143.01% increase over the past 30 days. Currently, ENA trades at $0.61 with a market cap of approximately $3.87 billion.
Upbit, a major cryptocurrency exchange, has listed USD1 on KRW, BTC, and USDT markets.
Strategic Moves
Ethena's leadership can leverage communication strategies, transparency, and regulatory alignment to optimize their strategic positions. Meanwhile, Bravemorning Limited has boosted its TRX stake, strengthening Tron Inc.'s control.
Pineapple Financial leads a $100M Injective Treasury strategy, while Yingyu Universe invests HKD 300M in Guofu Quantum shares.
Regulatory and Legislative Updates
The U.S. Congress is focusing on crypto legislation with a year-end goal. FutureCrest Acquisition plans a $250M NASDAQ IPO and eyes digital assets.
Wyoming has launched a state-issued stablecoin on the Hedera Network, marking a significant step in the adoption of blockchain technology.
Political Appointments
Three candidates have been shortlisted for the Federal Reserve Chair position, with Donald Trump considering Hassett for the role.
In other news, John Kojo Kumi, a cryptocurrency expert, holds a Bachelor of Arts in Geography and Rural Development and is a Registrar at the Commission on Human Rights and Administrative Justice.
The crypto market continues to evolve, with these updates providing insights into the current trends and developments. Stay tuned for more updates in the coming days.
