|
Ethereum tumbles over 8% as traders shun risky assets
Most cryptocurrencies fell on Wednesday as investors shun riskier assets such as stocks, bitcoin, and other crypto assets on concerns about the trade war.
Trump surprised the markets with plans to enforce the tariffs on Canadian and Mexican imports next month, shrugging off recent negotiations.
Trump also ordered the trade ministry to investigate US copper imports and whether there was a need to impose tariffs on the industrial metal to protect national security.
The Norwegian government warned that Trump’s plans to impose 25% tariffs on European imports would lead to a dangerous trade war.
Now traders await important US personal spending data on Friday to measure inflation.
Otherwise, the crypto platform Bybit was subject to a hack that took nearly $1.5 billion out of the platform.
The company’s CEO confirmed on X that the ethereum wallet was hacked after the ZachXBT website noticed a suspicious $1.5 billion transfer of ethereum to a foreign wallet.
Ethereum
On trading, ethereum tumbled 8.5% on Coinmarketcap as of 20:22 GMT to $2273.1.
US crude stocks fall unexpectedly after four weeks of buildups
The Energy Information Administration reported a drawdown of 2.3 million barrels in US crude stocks to 430.2 million barrels, while analysts expected a build of 1.7 million barrels.
MoreWall Street underpinned by tech sector
US stock indices rose on Wednesday as the tech sector rebounded following multiple sessions of losses ahead of Nvidia’s results.
MoreOil extends losses to nine-week trough on global supply concerns
Global oil prices fell in American trade on Wednesday, extending losses for the second session and plumbing nine-week lows on global oversupply concerns, amid increasing odds of a peace deal between Russia and Ukraine, sponsored by the US, which could lead to the lifting of US sanctions on Russian crude exports.
More