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Prices ether On Friday, breaching the 2021 record, with investors returning to risk-on mode as Federal Reserve Chairman Jerome Powell suggesting future interest rate cuts.
The second-largest cryptocurrency surged 15% at the end of Friday, rising to $4,885.00, with a November 2021 record of $4,866.01.
Bitcoin Up 4% to $117,008.29.
Ether (ETH) bounces back after Powell’s Jackson Hole speech
The movement came during Powell’s annual address from Jackson Hole, Wyoming. “The changing balance between the baseline outlook and the risk due to policy in restrictive areas may require policy stances,” Powell said.
“Traders seem completely out of Powell’s comment today,” said Jordi Alexander, CEO of Crypto Trading Firm and CEO of Selini Capital. “The market positioning in recent sessions has seen clear risk-off movements of assets such as crypto and technology, and the setup of interest rate reductions today in September will result in panic relocation.
“Momentum is back in the administration and the menu and the Fed appears to be in line with the easing,” he added.
Around the time of the speech, ETH saw about $120 million in liquidation of about $120 million over an hour period. When the trader uses short ether using leverage and the price of the coin increases, he purchases ETH from the market and closes the position. This then increases the price of the coin and clears up more positions.
The company’s stocks focused on the accumulation of ether. This was some of the biggest blows when investors bounced on a coin on Friday, and investors bounced off the technology name. Bitmine Immersion and Sharplink Games It jumped 12% and 15% respectively. Bitmine fell more than 7% a week, falling in the first week of three weeks.
Peter Thiel’s stocks Etzilla Over 31% fell as of one on Friday ether The finance company provided up to 74.8 million shares for resale. Following Powell’s comments on Jackson Hole, the session ended at 31.4%.
Elsewhere, Solana-centric finance companies Defi Development Surged 21%, and crypto exchanges Coinbase and Bitcoin Proxy strategy 6% altitude each.
Over the past two months, Ether has emerged as a leader in the crypto market. This shift was catalyzed by a regulatory tailwind that has sparked a boom in institutional interest around Stubcoin, accounting for 40% of all blockchain fees, with more than half of which being powered by the Ethereum blockchain.
Ether “is the biggest macro trade in the next 10-15 years, much of which has to do with the fact that Stablecoins has become a Crypto chat GPT moment,” Fundstrat’s Tom Lee recently told CNBC’s “Worldwide Exchange.” “And now we have the SEC genius act and project cryptography, which essentially runs Wall Street into the blockchain.”
—CNBC’s Nick Wells provided the report
