๐ฅ๐ฅETHER TREASURY STRATEGY๐๐
Ether climbed to $3,675.81, its highest since January 6, and was last up 6.6% at $3,643.09, outperforming bitcoin , which eased 0.5% to $118,870 after hitting a record high of $123,153 this week.
July 18 (Reuters) - Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives.
The bill, expected to be signed into law by President Donald Trump, marks a watershed for the digital asset industry, which has long pushed lawmakers to create rules for digital assets, arguing that a clear framework could drive a wider usage of stablecoins and other crypto tokens.
Ether benefits from an increased usage of U.S. dollar-pegged tokens known as stablecoins. Most stablecoins are issued and transacted on the underlying Ethereum blockchain, driving up demand for ether to pay for transaction fees.
Shares of BitMine (BMNR.A), opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, soared 12.7%. Other ether holding firms Bit Digital (BTBT.O), opens new tab and BTCS (BTCS.O), opens new tab added 6.5% and 22.9%, respectively. SharpLink shares dipped 0.6%.
"Ethereum is by far the biggest beneficiary of stablecoin usage.