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Aave DAO Approves Launch of Algorithmic Stablecoin GHO

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Today’s Cryptocurrency Headline

DeFi protocol Aave’s proposal for the creation of the algorithmic stablecoin GHO has been approved by the Aave DAO, with an approval rate of 99.99% (501,000 AAVE). Aave will enable the creation of GHO stablecoins through an Aave improvement protocol (AIP), with the Aave DAO in charge of supervising the stablecoin’s distribution once its creation has been vetted. Users looking to mint GHO will deposit cryptocurrencies accepted by Aave as collateral. Apart from acting as collateral, these deposits will also earn yield on Aave. The lending protocol will also charge interest on loans taken out in GHO, with payments going back to the Aave DAO.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, the number of addresses holding 1+ Bitcoin just reached an ATH of 890,993. Bitcoin is down 1.32% over the last 24 hours and fell to an intraday low of $23,238.04. The largest cryptocurrency failed to sustain above the $24,000 price level during the weekend, suggesting the sellers remain active at this level. If the BTC/USDT pair breaks and closes above $24,000, the pair could rally to $28,000. Conversely, if the Bears pull the price below the 20-day exponential moving (EMA) ($22,521), the pair could find support around the 50-day moving average (MA) ($21,985).

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