Crypto Market Booms As Ethereum Soars 70% In A Month, Trump's Company Reaps Massive Gains
Currently, Ethereum is trading at $3,538.23, while Bitcoin stands at $118,071.65. In the last 24 hours alone, Ethereum has seen institutional purchases worth $5 million
News18
There's a surge of activity in the cryptocurrency market as the total market capitalisation has crossed the $4 trillion mark for the first time ever. After a strong rally in Bitcoin, Ethereum is now making headlines with an impressive rise. The world's second-largest cryptocurrency has jumped 20% in just five days and a whopping 70% over the past month. Its market cap has swelled by $150 billion in less than 30 days.
US President Donald Trump's company, World Liberty Financial, has reportedly made significant investments in Ethereum. With the latest price rally, Trump is said to have gained enormously from the rise. Currently, Ethereum is trading at $3,538.23, while Bitcoin stands at $118,071.65. In the last 24 hours alone, Ethereum has seen institutional purchases worth $5 million.
The GENIUS Act Fuels the Rally
The driving force behind this crypto boost is a historic law passed in the United States, the GENIUS Act, which was signed by President Trump last Friday. The legislation has sparked fresh enthusiasm and confidence among investors, pushing 'Crypto Week' into high gear.
Cryptocurrencies are now being seen as more than just a risky or speculative investment. So far in July, Bitcoin funds have attracted $5.5 billion (Rs 46,750 crores), while Ethereum ETFs have seen investments worth $2.9 billion (Rs 24,650 crores).
According to sources, Trump's company has recently invested around $10 million (Rs 85 crores) in Ethereum. Blockchain data from Nansen reveals that World Liberty Financial bought 3,007 ETH at a price of $3,325 each. This isn't their first major investment as in March, the company had already purchased 4,468 ETH.
In addition to Ethereum, Trump's personal gains from his $TRUMP meme coin have been remarkable. According to crypto analytics firm Gauntlet, he has earned $150 million (Rs 1,275 crores) from the token between January and mid-June.
Research platform Messari suggests that a planned 'coin unlock' this week could increase his crypto wealth by another $100 million (Rs 850 crores).
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