logo
Ether and trading stocks take the crypto spotlight as Congress passes historic stablecoin bill

Ether and trading stocks take the crypto spotlight as Congress passes historic stablecoin bill

CNBC18-07-2025
Ether and other crypto related stocks climbed to end the week as the GENIUS Act heads to President Donald Trump's desk to be signed into law. Bitcoin and its proxies took a breather.
The price of ether was last higher by 3.6% at $3,558.68, according to Coin Metrics, trading at highs not seen since January.
On Thursday, ETFs tracking the price of ether saw daily inflows top those of bitcoin ETFs for the first time ever. The funds logged $602 million in net inflows, led by BlackRock's iShares Ethereum Trust (ETHA). Bitcoin ETFs on the same day saw inflows of $522 million. A day earlier, the ETH funds saw a single-day record inflow of $726.7 million.
Stocks tied to crypto trading gained as well, with Coinbase and Robinhood each rising more than 4%. Ether treasury stock Bitmine Immersion continued its rally, jumping 12% Friday.
Meanwhile, the price of bitcoin slipped 1%. Bitcoin treasury giant Strategy, formerly MicroStrategy, fell 4% and Mara Holdings, the mining company and bitcoin proxy, hovered under the flat line.
Ether has advanced 19% this week, bringing its two week gain to about 43.6% — its strongest two-week period since August 2021. Bitcoin is down less than 1% for the week.
On Thursday, BlackRock also filed with the SEC to include staking to its ETHA ether ETF, which also boosted sentiment for crypto's second largest coin.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Homebuilders navigate higher material costs, uncertain supply chains amid trade war
Homebuilders navigate higher material costs, uncertain supply chains amid trade war

Yahoo

time26 minutes ago

  • Yahoo

Homebuilders navigate higher material costs, uncertain supply chains amid trade war

As a tariff storm blew in from south of the border earlier this year, many industries in Canada, including the home building sector, feared the unknown ahead of them. With stakeholders already keenly aware of the need to rapidly scale up housing supply and improve Canada's housing affordability gap, blanket tariffs and more targeted material-specific levies meant additional unwelcome obstacles to overcome. That included a potential need to slow down the pace of construction as supply chains shifted and key construction parts became more expensive. "I would say that's been borne out," said Cheryl Shindruk, executive vice-president of Geranium Homes, a residential developer in southern Ontario. "It's difficult to pinpoint what exactly is the cost impact, but we certainly can say that there is an impact in terms of business confidence and ... having materials when they need them in a timely manner." About six months after U.S. President Donald Trump's return to the White House, many in the home construction sector say unpredictability persists around the cost and timing of obtaining the materials they need. For Geranium, that's meant having to pivot on the fly when it comes to the supply chains it's long relied on. Shindruk said the firm is now increasingly sourcing materials made in Canada, such as brick and stone, and doubling down on products typically imported from other countries besides the U.S. That includes steel, which it sources from countries including South Korea, Portugal and China — allowing it to avoid surtaxes on American steel in response to Trump's tariffs. But she said some materials simply can't be replicated in domestic or other international markets. For instance, a component in the layered glass windows used by Geranium continues to be sourced from the U.S. due to patent issues. The company has essentially decided to eat the extra costs. "It's not like switching on a switch and all of a sudden those materials that used to be sourced from the U.S, which are significant, can now be produced in Canada," she said. "Where that's not realistic, then items are continuing to be sourced from the U.S. and (we're) paying the tariff." Among products hit hardest by the trade war, Canadian Home Builders' Association CEO Kevin Lee highlighted appliances, interior doors and carpeting. In some cases, he said builders have looked for substitutions to their typical input materials. "Where somebody might have been getting carpet in the past, they're saying 'You know what, we can move to vinyl plank,'" he said. Others are getting creative by stockpiling materials to avoid potential shortages later on. "They're taking advantage of the availability of acquiring it and then having it available for future, which then increases the overhead because you're holding on to that material, rather than acquiring it when you need it," Shindruk said. With early concerns about the effects of the trade war, Greater Toronto Area-based Altree Developments had forecast a three to five per cent hit to its overall budget, said the company's president and CEO Zev Mandelbaum. That figure has since decreased due to more Canadian material being available than first anticipated, said Mandelbaum. But he said the roller-coaster of tariff developments — from the latest threat of additional levies to hope that ongoing negotiations will soon lead to a new trade deal — has made it "impossible" to plan ahead. He added his company has seen a far greater impact on the revenue side of the business over the past six months, as economic uncertainty drove down buyer demand. "It was more the fear of just ... economic instability in Canada that stopped house buying and stopped people from wanting to invest, whether it be locals looking for homes or foreigners looking to invest in the country," he said. "That alienation caused us to have less sales, and because of that, that put even more pressure on construction costs." In its housing forecast for the year, published in February, Canada Mortgage and Housing Corp. predicted a trade war between Canada and the U.S. — combined with other factors such as reduced immigration targets — would likely slow the economy and limit housing activity. The national housing agency had also said Canada was set for a slowdown in housing starts over the next three years — despite remaining above the 10-year average — due to fewer condominiums being built, as investor interest lags and demand from young families wanes. As of June, year-to-date housing starts totalled 114,411 across regions with a population of 10,000 or greater, up four per cent from the first half of 2024. Despite that boost in new construction, a regional analysis shows provinces with industries more exposed to tariffs are experiencing a slowdown, said CMHC chief economist Mathieu Laberge. He noted Ontario's housing starts have dropped around 26 per cent to date year-over-year, while B.C. has seen an eight per cent decline. In Ontario, five of the 10 most tariff-impacted cities also recorded an increase in mortgage arrears during the spring. Laberge said the trade war, or associated macroeconomic factors, likely prompted layoffs in those regions which meant people couldn't pay their mortgage. He said he expects that will eventually translate to a lower number of homes being built. "This is a slow filter through, but it's a real one. We see it happening — although maybe not in the housing starts or resales yet," Laberge said. Lee said the industry is already noticing those effects. "The big problem now is we're just not getting the kind of starts we need and there's a lot of concern in the industry now," Lee said. Before tariffs, he said some regions, such as Atlantic Canada and the Prairies, had started to see housing starts rebound from a national lull that was fuelled by previously high interest rates. Other provinces, such as Ontario and B.C. — where houses remain the most expensive — hadn't yet reached similar levels of new construction. "What's happened with the trade war is that it's made things worse in Ontario and B.C. and we are seeing things slow down a little bit in Atlantic Canada and the Prairies," said Lee. "So it's having a dampening effect everywhere." His association's second-quarter survey of its membership found 87 per cent of builders stated they have concerns about the well-being of their business over the next 12 months. Around 35 per cent said they have had to recently lay off workers and have no current plans to rehire — up from 21 per cent a year ago. "It's getting quite serious," said Lee. "There's just a great deal of concern in the market." This report by The Canadian Press was first published July 27, 2025. Sammy Hudes, The Canadian Press

As Trump's trade deal deadline approaches, his tariffs face legal pushback in court
As Trump's trade deal deadline approaches, his tariffs face legal pushback in court

Yahoo

time26 minutes ago

  • Yahoo

As Trump's trade deal deadline approaches, his tariffs face legal pushback in court

WASHINGTON — Donald Trump's plan to realign global trade faces its latest legal barrier this week in a federal appeals court — and Canada is bracing for the U.S. president to follow through on his threat to impose higher tariffs. While Trump set an Aug. 1 deadline for countries to make trade deals with the United States, the president's ultimatum has so far resulted in only a handful of frameworks for trade agreements. Deals have been announced for Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — but Trump indicated last week that an agreement with Canada is far from complete. "We don't have a deal with Canada, we haven't been focused on it," Trump told reporters Friday. Trump sent a letter to Prime Minister Mark Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by the deadline. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade. Canadian officials have also downplayed expectations of a new economic and security agreement materializing by Friday. "We'll use all the time that's necessary," Carney said last week. Countries around the world will also be watching as Trump's use of a national security statute to hit nations with tariffs faces scrutiny in the United States Court of Appeals for the Federal Circuit. The U.S. Court of International Trade ruled in May that Trump does not have the authority to wield tariffs on nearly every country through the use of the International Economic Emergency Powers Act of 1977. The act, usually referred to by the acronym IEEPA, gives the U.S. president authority to control economic transactions after declaring an emergency. No previous president had ever used it for tariffs and the U.S. Constitution gives power over taxes and tariffs to Congress. The Trump administration quickly appealed the lower court's ruling on the so-called "Liberation Day" and fentanyl-related tariffs and arguments are set to be heard in the appeal court on Thursday. The hearing combines two different cases that were pushing against Trump's tariffs. One involves five American small businesses arguing specifically against Trump's worldwide tariffs, and the other came from 12 states pushing back on both the "Liberation Day" duties and the fentanyl-related tariffs. George Mason University law professor Ilya Somin called Trump's tariff actions a "massive power grab." Somin, along with the Liberty Justice Center, is representing the American small businesses. "We are hopeful — we can't know for sure obviously — we are hopeful that we will continue to prevail in court," Somin said. Somin said they are arguing that IEEPA does not "give the president the power to impose any tariff he wants, on any nation, for any reason, for as long as he wants, whenever he feels like it." He added that "the law also says there must be an emergency and an unusual and extraordinary threat to American security or the economy" — and neither the flow of fentanyl from Canada nor a trade deficit meet that definition. U.S. government data shows a minuscule volume of fentanyl is seized at the northern border. The White House has said the Trump administration is legally using powers granted to the executive branch by the Constitution and Congress to address America's "national emergencies of persistent goods trade deficits and drug trafficking." There have been 18 amicus briefs — a legal submission from a group that's not party to the action — filed in support of the small businesses and states pushing against Trump's tariffs. Two were filed in support of the Trump administration's actions. Brent Skorup, a legal fellow at the Washington-based Cato Institute, said the Trump administration is taking a vague statute and claiming powers never deployed by a president before. The Cato Institute submitted a brief that argued "the Constitution specifies that Congress has the power to set tariffs and duties." Skorup said there are serious issues with the Trump administration's interpretation of IEEPA. "We don't want power consolidated into a single king or president," he said. It's expected the appeals court will expedite its ruling. Even if it rules against the duties, however, they may not be immediately lifted. White House Press Secretary Karoline Leavitt has said the Supreme Court should "put an end to this." There are at least eight lawsuits challenging the tariffs. Canada is also being hit with tariffs on steel, aluminum and automobiles. Trump used different powers under the Trade Expansion Act of 1962 to enact those duties. This report by The Canadian Press was first published July 27, 2025. Kelly Geraldine Malone, The Canadian Press

Trump's imaginary numbers, from $1.99 gas to 1,500 percent price cuts
Trump's imaginary numbers, from $1.99 gas to 1,500 percent price cuts

Washington Post

time29 minutes ago

  • Washington Post

Trump's imaginary numbers, from $1.99 gas to 1,500 percent price cuts

President Donald Trump made a promise at a reception last week for Republican lawmakers that was as impossible as it was specific: He would drive down drug prices by as much as 1,500 percent — 'numbers that are not even thought to be achievable,' he said. A price cannot drop by more than 100 percent, but Trump went on to make several other precise but clearly false numerical claims. The cost of gasoline had fallen to $1.99 a gallon in five states, he said; according to AAA, it was over $3 in every state. Businesses had invested $16 trillion in America in the past four months, he added; the entire U.S. economy last year was worth less than $30 trillion.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store