Ether and trading stocks take the crypto spotlight as Congress passes historic stablecoin bill
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
US Treasury's Bessent says Trump has leverage with tariff rates
WASHINGTON (Reuters) -U.S. President Donald Trump has created a lot of leverage on trade with his letters on tariff rates, U.S. Treasury Secretary Scott Bessent told Bloomberg Television in an interview on Wednesday. "President Trump is creating this leverage by saying: if you don't want to negotiate with me, I've sent you a letter with a high rate. Have at the high rate or come and negotiate in better fashion," Bessent said. Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
GE Vernova raises annual forecasts after second-quarter profit beat
(Reuters) -Power equipment maker GE Vernova raised its current-year revenue and free cash flow forecast after beating Wall Street estimates for second-quarter profit on Wednesday, sending its shares rising more than 4% in premarket trading. GE Vernova, which became independent last year after a three-way split of General Electric, raised its free cash flow target to between $3 billion and $3.5 billion, up from the $2 billion to $2.5 billion forecast earlier, and expects 2025 revenue to trend towards the higher end of a range of $36 billion to $37 billion. The company also said its forecast includes an impact on the lower end of a $300 million to $400 million range from U.S. President Donald Trump's tariffs, as currently outlined, and the resulting inflation. The warning comes when the power industry is bracing for the impact of Trump's shifting tariffs and policies, which have disrupted supply chains, raised costs and threatened the future of offshore wind projects. The company also posted an adjusted profit of $1.77 per share, beating analysts' estimate of $1.51 per share, according to data compiled by LSEG, helped by strong performance in its power and electrification units. According to the U.S. Energy Information Administration, power consumption will hit record highs in 2025 and 2026, driven by rapid expansions in AI and cryptocurrency data centers as well as increased demand from households and businesses. Core profit from GE Vernova's power segment, which provides steam and gas turbines, rose about 27% to $778 million, while the electrification unit reported $332 million, more than double from a year ago. However, the wind segment, which provides wind turbines, blades and services, reported a core loss of $165 million in the second quarter, hurt by higher service cost and the impact of tariffs at Offshore Wind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Upturn
3 minutes ago
- Business Upturn
Sky Quarry's Nevada-Based Refinery Launches Crowdfunding Campaign
WOODS CROSS, Utah, July 23, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) ('Sky Quarry' or 'the Company'), an integrated energy company focused on sustainable resource recovery, is pleased to announce the launch of a crowdfunding offering by its wholly owned subsidiary, Foreland Refining Corporation. Shifting fuel markets across the Western U.S. are creating a unique opportunity for regional producers. Nevada currently imports approximately 86% of its refined fuel, much of it from California, where refinery closures are reshaping long-term supply dynamics. Foreland Refining offers a critical in-state solution, stepping in to meet this growing demand from its strategic base in Railroad Valley. 'This is a rare opportunity to invest in real infrastructure with real revenue,' said Marcus Laun, Executive Vice President and Co-Founder of Sky Quarry. 'While we continue working to bring our asphalt shingle recycling operations online, Foreland is already producing essential petroleum products and generating revenue. It is a foundational part of our circular energy model, and now we are inviting the public to participate in its future with us.' While building out its integrated energy platform, Sky Quarry is also exploring digital asset strategies aimed at improving transparency and efficiency in future capital raises. Though the Foreland crowdfund runs on traditional rails, the Company views its revenue-linked structure as a strong example of the kind of real-world investment that could be adapted to blockchain-based platforms as alternative financial infrastructure evolves. Sky Quarry supports ongoing legislative efforts in Washington, including the Clarity for Payment Stablecoins Act and the GENIUS Act, which aim to provide a clearer regulatory framework for digital securities. The Company believes its history of successful crowdfunding efforts positions it to help shape the future of DeFi and real-world asset tokenization. Proceeds from the crowdfund are intended to support targeted upgrades at the refinery to boost production as allowed under current permits, improve operational efficiency, and prepare for future integration of recycled heavy oil recovered from Sky Quarry's planned asphalt shingle recycling operations in Utah, as well as for debt repayment, working capital, and general corporate purposes. Foreland Refining Corporation's offering is being conducted pursuant to Regulation Crowdfunding through PicMii Crowdfunding, with securities issued by Foreland Refining Corporation. Potential investors should carefully review the offering materials, including the Form C and related risk disclosures, before investing. To learn more about the campaign or to invest, visit: Partnership Opportunities Sky Quarry invites interested parties to connect with Jennifer Standley at [email protected]. The Company is particularly interested in engaging with foundations, asset managers, and crypto entrepreneurs who share its vision for the convergence of traditional public markets and digital assets. About Sky Quarry Inc. Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit . About Foreland Refining Corporation Foreland Refining Corporation, a wholly owned subsidiary of Sky Quarry, owns and operates the Eagle Springs refinery, located in Railroad Valley near Ely, Nevada. Founded in 1998, the company has operated the facility for over two decades, supplying fuel to mining, industrial, and transportation customers across the Western U.S. The refinery currently produces a range of essential petroleum products, including diesel, asphalt, vacuum gas oil (VGO), and naphtha. It remains the only active crude oil refinery in the state of Nevada. Forward-Looking Statements This press release may include 'forward-looking statements.' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as 'expect,' 'look forward to,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'seek,' 'estimate,' 'will,' 'project,' or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company's other disclosures, including the statements made under the heading 'Risk Factors' and elsewhere in the Company's Form 10-K as filed with the SEC on March 31, 2025, as well as the Company's Form 10-Q as filed with the SEC on May 15, 2025. Forward-looking statements speak only as of the date of the document in which they are contained. Investor RelationsJennifer Standley Director of Investor Relations [email protected]
