According to Breaking News, Ethereum (ETH) has reached an all-time high, surpassing $4,868 since 2021.
A chart with fine candles showing recent rise in ETH prices.
The increase was driven by the remarks made by Federal Reserve Chairman Jerome Powell at the Jackson Hole Conference. In his final speech of his term, Powell made strong announcements in September of potential interest rate cuts, but he made no firm commitment. Powell's Dovish Tone sparked an investor's appetite as the market carefully tried to balance labor market risks with ongoing inflation concerns.
Powell's speech sparked a wave of buying dangerous assets. Investors expect liquidity to increase as interest rate cuts begin. However, some analysts warn that the risk of stagflation remains, and that the market may be overly optimistic.
The sudden price movement has led to a significant liquidation of leveraged positions. In the past 24 hours, positions worth a total of $684.44 million have been settled in the cryptocurrency market. Of this, $220 million consisted of long positions, and $463.8 million consisted of short positions.
In the case of Ethereum, the liquidation reached $363.45 million. A long position worth $76.75 million and a short position worth $208.69 million have been settled.
*This is not investment advice.
