Ethena Labs makes a strategic decision to use $BTC as collateral for USDe to increase the stability of $ENA's stablecoin
USDe currently has a market capitalization of up to 2 billion USD, in the list of top 5 products priced in USD, only behind USDT, USDC, DAI and FDUSD.
This strategic decision by EthenaLabs will further strengthen investors' confidence in ENA, which is currently on a bearish trend. The price reduction of ENA in the past few hours is said to be due to the general trend of the whole market, and at the same time, whale wallets appeared to withdraw millions of ENA to their wallets, leading to a phenomenon like selling out.. However, as I once did It is said that this action is sometimes a strategic step to create an opportunity to consolidate goods... and wait for a long-term price increase.
Looking at the price chart, we can see that it seems to have a certain level of resistance, ENA is neither oversold nor overbought, showing the indecision of the market and the balance between the buying and selling power..
Using Bitcoin as an asset increases the stability of USDe - a core factor to prevent ENA from falling into Terra's previous LUNA mistakes and to stabilize the expectations of long-term investors in this Etherum token.
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