The Daily: Ethereum jumps over 20% following Pectra upgrade, Wellgistics unveils $50 million XRP integration and treasury reserve plan, and more
Ethereum jumps over 20% following Pectra upgrade
Ethereum soared over 20% on Thursday following the network's Pectra upgrade earlier in the week — marking its biggest single-day gain since May 2021.
"ETH is finally catching up after lagging behind BTC for most of the year," Presto Research Analyst Min Jung said. "The recent Pectra upgrade has helped restore some confidence, and with ETH/BTC down nearly 40% year-to-date at 0.02, it's not surprising to see buyers stepping in at these levels."
Pectra is Ethereum's biggest upgrade since The Merge in 2022, introducing improvements to staking efficiency, validator operations, and Layer 2 scalability.
LVRG Research Director Nick Ruck told The Block that the upgrade triggered a bullish reaction, driving gains in altcoins.
"In addition to positive macroeconomic news, traders believe the crypto industry may have finally found its second wind as a hedge against market uncertainty," Ruck said.
"Investors are changing their perspectives on crypto now that altcoins have departed from a negative trend and found buying pressure from a renewed risk-on sentiment," he added.
The broader crypto market rallied alongside Ethereum, supported by renewed U.S.-China trade negotiations, as bitcoin retook the $100,000 level.
Wellgistics to adopt XRP for payments and treasury reserve with $50 million credit facility
Pharmaceutical distribution company Wellgistics plans to use XRP as a real-time payment rail and treasury management asset, aiming to cut costs and settlement times across the healthcare supply chain.Wellgistics plans to use XRP as a real-time payment rail and treasury management asset, aiming to cut costs and settlement times across the healthcare supply chain.
The Florida-based firm has secured a $50 million equity credit line to fund its XRP plan and explore programmable liquidity models.
