Ether (ETH) ETH drifted around $2,770 for most of Tuesday until roughly 8 p.m. ET, when officials said negotiators in London had forged a draft U.S.–China trade framework. The outline — till awaiting presidential approval — would see Beijing resume rare-earth exports while Washington eases curbs on advanced-technology sales.

At 8:04 a.m. ET on Wednesday, former U.S. president Donald Trump posted on Truth Social that “OUR DEAL WITH CHINA IS DONE,” pending his and President Xi’s formal approval. Trump claimed the accord would leave U.S. tariffs on Chinese imports effectively at 55 percent versus Beijing’s 10 percent, promised that China would front-load supplies of magnets and other rare-earth materials, and said Washington would uphold concessions such as continued access for Chinese students to American universities, describing the bilateral relationship as “excellent.”

Hopes for a thaw in the multi-year tariff dispute sparked an initial risk-on bid: global equity futures firmed, bitcoin ticked higher and ether pushed to about $2,780 on expanding spot turnover.

Risk appetite intensified eleven hours later, around 8:30 a.m. ET on Wednesday, after the U.S. Labor Department reported that May headline and core CPI each rose just 0.1 percent month on month, undercutting economists’ 0.2 percent forecasts. The cooler print fueled expectations the Federal Reserve could trim rates later this year, driving Treasury yields and the dollar lower while extending gains in equities.

Against that macro backdrop, ether vaulted from the upper-$2,780s to an intraday high of $2,873.46, with spot volume swelling to roughly 527,000 coins (~$1.47 billion), according to CoinDesk Research’s technical analysis model.

Structural tailwinds remain strong. Staked ETH climbed to a record 34.65 million tokens (≈28.7 percent of supply), exchange-traded funds logged a 16-day inflow streak near $900 million, and futures open interest printed a fresh high above $21.7 billion — all underscoring steady institutional engagement. BlackRock’s reported $500 million accumulation over the past ten days exemplifies that theme.

Traders now look for a decisive close above $2,900 to open a potential run at the psychological $3,000 mark, while guarding against a pullback toward the newly established $2,750–$2,760 support band.

Technical Analysis Highlights

• Trend: Series of higher lows since June 9 and a fresh higher high at $2,873 confirm an accelerating up-channel.
• Volume confirmation: CPI-triggered candle printed the day’s largest bar (≈527 K ETH), validating Tuesday’s breakout above $2,800.
• Support / resistance: Immediate support sits at $2,750–$2,760; upside targets are $2,900 and the psychological $3,000 zone, followed by a secondary hurdle near $3,120.
• Momentum: Hourly RSI holds above 60, indicating room to extend before overbought conditions emerge.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

The United States is on the brink of a new technological frontier – one powered by blockchain and digital assets. These assets are not just the next phase of the internet, but lay the foundation for a more secure, decentralized, and inclusive financial future. From reimagining global payments to protecting data privacy, the potential of blockchain-based systems is endless.

Despite the promise of this technology, the United States remains without a clear, comprehensive federal regulatory framework for digital assets. This absence has created uncertainty for innovators, consumers and investors alike.

Entrepreneurs operating in the digital asset operating in the digital asset space face ambiguous rules and unclear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Investors lack the transparency and protection they deserve. Under the Biden Administration, the SEC chose to regulate through enforcement, rather than through clear guidance or collaboration. The agency’s approach has led to lawsuits, confusion, and the offshoring of promising American companies seeking regulatory certainty abroad.

For years, Congress has worked under both Republican and Democratic leadership to close this gap and create a tailored, modern regulatory framework. That work reached a milestone in May 2024 when the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act with bipartisan support as 71 Democrats voted in favor of the bill. FIT21 laid the groundwork for how digital assets should be treated under U.S. law, clarified the roles of the CFTC and SEC, and provided pathways for registration, disclosure, and compliance.

This Congress, we are building on that momentum and continue to push for smart, tailored policy that fosters innovation while protecting consumers.

In April, the House Financial Services Committee passed the bipartisan STABLE Act, which would establish a clear and comprehensive set of rules for the issuance and regulation of payment stablecoins that have the potential to modernize the way we transact by making payments faster, cheaper, and more inclusive.

Yesterday, we took another major step forward. The Financial Services Committee and the House Agriculture Committee passed the CLARITY Act, a landmark bipartisan bill that was carefully crafted between our committees. The CLARITY Act establishes a functional framework for the classification of digital assets, provides builders and firms with clear regulatory obligations, and ensures robust consumer protections against fraud and bad actors.

The STABLE and CLARITY Acts form the most comprehensive digital asset regulatory framework Congress has ever advanced. Collectively, these bills will ensure that the United States sets the global standard for the future of digital assets.

We are committed to working with our colleagues in both chambers to enact comprehensive digital asset legislation into law. The rest of the world is not waiting to lead in blockchain innovation. If we fail to act, we risk ceding leadership in one of the most transformative technologies in modern history.

Congress has the opportunity and responsibility to establish a regulatory framework that unlocks the next era of American innovation. It is time for the United States to lead in the new digital frontier.

Stripe is acquiring crypto wallet infrastructure provider Privy, as part of its broader plan to make blockchain tools easier to integrate into mainstream digital products.

Privy creates embedded wallets for apps and websites, sparing users from having to sign up for external crypto wallets like MetaMask. Terms of the transaction, which was first reported by Bloomberg and confirmed by Privy, weren’t disclosed.

The firm’s technology is used by decentralized exchange Hyperliquid, restaurant loyalty firm Blackbird, and HR platform Toku to simplify onboarding and reduce user drop-off.

Privy revealed that since it was launched in 2021, it has grown to power over 75 million accounts across over 1,000 teams “enabling billions in transactions across wallets, apps, and users.”

The New York-based firm has raised over $40 million from investors including Paradigm, Coinbase, and Sequoia Capital, according to data from TheTie.

The acquisition comes after Stripe purchased Bridge, a stablecoin infrastructure firm, for $1.1 billion. That deal led to Stripe launching stablecoin-funded accounts, enabling businesses to hold and move funds abroad using tokens like USDC.

Privy will continue to operate independently but will be integrated into Stripe’s suite of crypto tools.The acquisition is expected to close in the coming weeks.