Ethereum vaulted to a fresh record, reaching an intraday high of roughly $4,955 on 24 August and surpassing its November 2021 peak of $4,867. The second-largest cryptocurrency has climbed about 15 percent since Jerome Powell hinted at possible interest-rate cuts during the Federal Reserve’s Jackson Hole retreat, while spot Ether exchange-traded funds have continued to attract heavy inflows. The price surge triggered a wave of forced liquidations: around $476 million in short positions on Ether were wiped out in the 24 hours to Monday, according to derivatives-market trackers. Traders warn that an additional $2.2 billion in bearish bets could be squeezed if the token breaks above the psychologically important $5,000 threshold. Bitcoin showed sharper swings over the same period. The flagship token briefly touched $117,000 on 22 August before sliding to a seven-week low near $109,000 three days later, a drop that coincided with roughly $900 million in long-position liquidations. Analysts cited macro uncertainty following President Donald Trump’s firing of Federal Reserve Governor Lisa Cook and ahead of key U.S. growth and inflation data. The cryptocurrency later rebounded to about $112,000 by 27 August. Underlying network activity remains robust: blockchain data indicate Bitcoin’s global mining hashrate hit an all-time high of 955 quintillion hashes per second, underscoring continued investment in mining infrastructure despite heightened market volatility.