Aug 22, 09:14 PM

Ether Tops 2021 Record After Powell Hints at Fed Rate Cuts

Ether, the world’s second-largest cryptocurrency by market value, climbed as much as 15% late Friday to about $4,885, eclipsing its previous all-time peak of $4,866 set in November 2021. The rally accelerated after Federal Reserve Chair Jerome Powell signalled that the US central bank may soon move to cut interest rates, remarks delivered during his annual speech in Jackson Hole, Wyoming. Powell said that with policy now “in restrictive territory,” shifting economic risks could “warrant adjusting our policy stance,” language traders interpreted as opening the door to a reduction in borrowing costs as early as September. CoinGlass data show roughly $120 million in ether short positions were liquidated within an hour of the comments, amplifying the price surge. Bitcoin advanced about 4% to near $117,000, while publicly traded firms with large ether treasuries, including Bitmine Immersion and SharpLink Gaming, rebounded in tandem. The move extends a two-month stretch in which ether has outperformed bitcoin, buoyed by more than $1 billion of inflows into newly launched US spot-ether exchange-traded funds and a friendlier US regulatory outlook for staking and stablecoins.

#Federal Reserve #Jerome Powell #US #Jackson Hole #Wyoming #Powell #CoinGlass #Bitcoin #Bitmine Immersion #SharpLink Gaming

Written with ChatGPT .

Ether Tops 2021 Record After Powell Hints at Fed Rate Cuts

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