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Investing.com-- Ether rebounded from a recent flash crash on Tuesday, tracking a broader uptrend in risk-driven assets after U.S. President Donald Trump delayed planned trade tariffs on Canada and Mexico.
The world’s second-largest cryptocurrency was also aided by comments from Eric Trump- Donald Trump’s son and a major figure in his business empire- claiming that it was a “great time to add Ether.”
Ether jumped over 13% to $2,845.42, recouping most of its 8% tumble from the prior session.
The crypto had slumped as much as 25% on Monday amid heightened risk aversion on Trump’s trade tariffs. Losses in Ether far outpaced those in its peers, as traders raced to buy put options for protection against further losses.
Losses in Ether were worsened by Trump’s crypto firm, World Liberty Financial, moving most of its Ether holdings onto Coinbase (NASDAQ:COIN), sparking fears that a sale was imminent. It was not immediately clear whether the firm had offloaded the crypto.
But Ether, like its bigger peer Bitcoin, benefited from dip-buying, especially as Trump postponed the trade tariffs against Canada and Mexico by 30 days. Bitcoin jumped 8.2% to $101,112.0 on Tuesday, recovering from a slump to $91,000 on Monday.
World Liberty Financial was a major buyer of Ether through January, holding as many as 67,000 tokens before moving them on Monday.