$8.88 Million Deposit Helps Ethereum Climb to Major Gains
Ethereum is making great progress out of its recent low point as it benefits forma trade deal between the U.S. and U.K.
Quick overview
- Ethereum (ETH) surged by 15.53% today, reaching $2,076, its highest point since late March.
- A significant deposit of 8.88 million USDC by a whale has contributed to Ethereum's recent gains.
- Trade volume for Ethereum has increased by 87% in the last 24 hours as investors respond to the price rise.
- Analysts attribute Ethereum's growth to easing trade tariffs between the U.S. and the U.K., which is boosting market confidence.
Ethereum (ETH) Gained 15.53% today as the cryptocurrency market surged, and one whale deposited 8.88 million in USDC to an Ethereum account, adding to the coin’s gains.
Now at $2,076 (ETH/USD), Ethereum has reached its highest point since late March and is still well away from its all-time high, but the coin is climbing out of its 2025 doldrums this week. Throughout most of the year, Ethereum’s price has been dropping, falling from $3,634 in early January to a low of $1,472 in early April.
ETH/USDThat low point was as low as the coin had been in about a year and a half, and getting away from there has helped Ethereum gain some momentum and earn the help of some whales. One of those ETH whales deposited millions this week, showing confidence in ETH’s long-term position.
This has triggered short-term trades as other investors take note and add to their ETH wallets as well. Trade volume for the crypto coin is up 87% over the last 24 hours as a result.
Why Is Ethereum Shooting Up?
It is not only whales who are helping Ethereum gain so much value so quickly. Analysts point to a potential ease in trade tariffs as the United States and United Kingdom are working out a trade deal.
This deal was announced today and has resulted in the United States government removing all tariffs for the UK on aluminum and steel. Car export tariffs have also been cut, down to 10% from 27.5%. The U.K. is responding in kind by removing tariffs on ethanol coming from the United States and pledging reciprocal tariffs on beef.
The US still has a 10% tariff on most U.K. goods, but this is considered a win for both sides and certainly for the U.S. stock market and cryptocurrency market. Bitcoin (BTC) climbed quickly when the press conference for the deal was announced and then climbed even higher (5.61%) after the deal was completed.
We expect more freedom from Ethereum and other crypto coins now that trade issues have lightened between the United States and the United Kingdom. There is also hope that the trade war between the U.S. and China will come to an agreeable close as rumors swirl that the two countries are eyeing a potential agreement.
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