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coinpedia 2025-02-04 07:42:26

Why Ethereum Price is Up Today?

The post Why Ethereum Price is Up Today? appeared first on Coinpedia Fintech News As US President Doanld Trump has decided to place a halt on the proceedings aimed at imposing tariffs on Canada and Mexico, the entire cryptocurrency market, especially Ethereum, has rebounded strongly. In the last 24 hours alone, the Ethereum market has seen growth of 8%. Interestingly, Eric Trump, the president’s son, has recommended that people buy ETH. Curious to know more? Read on! Ether Rebounds After Trump’s Tariff Pause It was on February 1, 2025, that President Trump took the aggressive decision to impose tariffs on Mexico and Canada. At the start of February 1, the price of Ethereum was around $3,301.00. In the first two days of the month alone, the market showed a severe drop of 13.103%. The market has not yet recovered from the aforementioned correction. Since February 1, the market has declined by 18.52%. However, shortly after the White House hinted at its decision to halt its proposed proceedings related to tariffs, the ETH market showed its initial sign of recovery. Yesterday, the market experienced a mild growth of 0.19%. In the last 24 hours alone, Ethereum has recorded a rise of 8%. Eric Trump’s Crypto Endorsement Sparks Reactions Interestingly, Eric Trump, the president’s son, in a recent post, noted that it is a great time to buy Ethereum. His initial post was highly persuasive in nature, as it contained a statement, “You can thank me later.” The statement was later removed, probably to make it appear less persuasive than the initial one. In my opinion, it’s a great time to add $ETH . — Eric Trump (@EricTrump) February 3, 2025 World Liberty Financial’s Big Crypto Moves World Liberty Financial, a DeFi project controlled by the president’s family, has made some notable moves in the crypto space lately. It recently transferred $307.41M to Coinbase custody, and unstaked 20,000 Lido Staked ETH into regular ETH. It also grabbed 1,826 ETH in exchange for $5M USDC. Experts suggest that the funds could be used to support Earn and Borrow, a lending protocol that WLF is planning to introduce soon. Bitcoin’s $100K Milestone Show Ethereum’s Declining Trend An interesting pattern has emerged when comparing Bitcoin and Ethereum prices. Each time Bitcoin reached the $100,000 mark, Ethereum’s price was lower than before. It was on December 5, 2024, that the Bitcoin market reached the milestone of $100K for the first time. At that time, the Ethereum market stood at around $3,900. When BTC touched the $100K mark for the second time, ETH slipped to $3,800. When BTC touched the mark for the third time, ETH declined to $3,700; for the fourth time, to $3,400; for the fifth time, to $3,200; and for the sixth time, to $2,800. This trend shows that even as Bitcoin maintains strong growth, Ethereum has been gradually losing value during the same milestones. It suggests that ETH might be underperforming compared to BTC during major rallies.

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