Crypto Industry News:
The Center, the consortium responsible for the USDC issue, said it has hired six new employees to expand its reach and create partnerships overseas. The goal of this move is to create a global stablecoin network. David Puth, CEO of the Center, assembled this team in just nine months and looks forward to working with potential partners as well as setting new standards.
Puth stated:
"We put this team together to provide the right talent balance that will allow us to grow significantly while maintaining the highest standards of integrity, compliance and trust."
Newly hired directors include John Shipman, commercial director; Mark duBose, chief risk and compliance officer; Beth Zolkind, Chief Financial Officer; Chad Richman, Senior Adviser; Jessica Gardner, Business Operations Manager; and Kevin Mills, project manager. Each of them has extensive experience, and their previous employers were, among others PwC, Circle, Fenwick & West and SOM.
This team is considered to be the driving force behind the company's expansion. Puth revealed that the Center aims to develop the idea of a global network of stablecoins.
It then revealed that the Center is already in talks with several partners interested in launching two different stablecoins in the European region. USDC, the stablecoin issued by Center, saw strong growth this year, reaching a market capitalization of $ 27.4 billion, while one of its issuers, Circle, announced in July that it would go public in the last quarter of this year.
However, USDC is still overshadowed by USDT, the leading stablecoin on the market issued by Tether. It has a market capitalization of $ 66 billion and is present on several networks, including Ethereum and Tron.
Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $3,843 (at the time of writing the analysis). The next target for bulls is seen at $4,000 and $4,204, but the market conditions remains overbought. The nearest technical support is seen at $3,596. The short-term outlook remains bullish with a typical pull-back along the way up.
Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379
Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
