Ethereum rallies 7% on global institutional demand
Ethereum rallied on Tuesday amid optimism about the US-China trade talks and due to strong global institutional demand on the cryptocurrency.
The negotiations entered their second day in London as both sides aim to stop the trade war and reach an agreement, after the dispute disrupted supplies of rare-earth minerals and impacted many industries.
The US Trade Secretary Howard Lutnick said negotiations with China are progressing satisfactorily, expecting talks to continue all day.
Now markets await crucial US consumer prices data on Wednesday, followed by producer prices data on Friday to gather clues on future Fed rate cuts.
Ethereum was boosted after huge purchases by major institutions, led by BlackRock which bought over $500 million worth of ethereum in recent days.
Abraxas Capital also acquired 350,000 ethereum units worth $837 million, reflecting increasing confidence in the currency.
Ethereum
Ethereum surged 7% on Coinmarketcap as of 21:28 GMT to $2762.
US dollar gains ground amid ongoing China trade talks
The dollar rose against major rivals on Wednesday as the markets assess the ongoing US-China trade talks, and before important US inflation data.
The negotiations entered their second day in London as both sides aim to stop the trade war and reach an agreement, after the dispute disrupted supplies of rare-earth minerals and impacted many industries.
The US Trade Secretary Howard Lutnick said negotiations with China are progressing satisfactorily, expecting talks to continue all day.
Now markets await crucial US consumer prices data on Wednesday, followed by producer prices data on Friday to gather clues on future Fed rate cuts.
On trading, the dollar index rose 0.1% as of 21:06 GMT to 99.04, with a session-high at 99.3, and a low at 98.8.
Loonie
The Canadian dollar rose 0.2% against its US counterpart as of 21:23 GMT to $0.7312.
Aussie
The Australian dollar rose 0.1% against the US dollar to $0.6523 as of 21:23 GMT.
Oil extends losses, Brent falls below $67 a barrel
Oil prices fell on Tuesday as investors continue to assess the ongoing US-China trade talks and ahead of important US crude inventory data.
The Energy Information Administration today expected US crude output to taper off to 13.3 million bpd in 2026, down from a record 13.5 million bpd in the second quarter.
It expects Brent prices to average $61 by the end of the year, before hitting $59 a barrel in 2026.
On trading, Brent August futures fell 0.25%, or 17 cents to $66.87 a barrel.
US crude futures due in July fell 0.47%, or 31 cents to $64.98 a barrel.
US stocks gain little ground amid ongoing trade talks with China
US stock indices gained ground on Tuesday amid ongoing US-China trade talks.
The negotiations entered their second day in London as both sides aim to stop the trade war and reach an agreement, after the dispute disrupted supplies of rare-earth minerals and impacted many industries.
The US Trade Secretary Howard Lutnick said negotiations with China are progressing satisfactorily, expecting talks to continue all day.
Now markets await crucial US consumer prices data on Wednesday, followed by producer prices data on Friday to gather clues on future Fed rate cuts.
On trading, Dow Jones rose 0.1%, or 41 points as of 17:46 GMT to 42,804 points, while S&P 500 added 0.3%, or 18 points to 6024 points, as NASDAQ gained 0.4%, or 70 points to 19,661 points.