Ether shoots on USD $ 4,770 causing liquidations for USD $ 300 million
By Hannah Pérez
Almost half of the total cryptocurrency market for USD $ 630 million in the last 24 hours are ETH’s responsibility when the second largest cryptocurrency approaches its historical maximum.
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- Ethereum shoots more than 13% after Powell’s comments in Jackson Hole.
- The sudden rebound activated the liquidations, with ETH facing a waterfall of USD $ 300 million.
- The second largest cryptocurrency is now close to the key level of USD $ 4,800.
- If this level takes up and maintains the impulse, it could conquer a new historical maximum.
The cryptocurrency market bounced this Friday after the president of the Federal Reserve (FED) of the US will hint an upcoming cut for interest rates in September during an expected speech in Jackson Hole.
Bitcoin (BTC), the largest cryptocurrency for market capitalization, jumped over USD $ 116,600 at a 3.4% increase in 24 hours after having negotiated below USD $ 113,000 on Thursday, according to data from Coingcko.
The cryptocurrency had been corrected almost 10% since its historical maximum above USD $ 124,000, conquered just last week, as the expectation of a rate cut for next month decreased and the feeling of risk aversion seized the market. Ethereum (ETH) was reversed below USD $ 4,100 but maintained its advantage against BTC.
After Powell’s speech, Eth shone With an amazing emergence of more than 13% To lead the market profits. The second largest digital currency has been monopolizing attention in recent weeks as a renewed appetite of institutional investors has helped boost its price near its historical maximum of 2021.
The record input flows between the funds listed on the stock market (ETF) of Ethereumwhich since July have attracted almost USD $ 8 billion, and the unbridled purchases of companies with ETH treasures have been outlined as two upward catalysts.
ETH reaches a peak of USD $ 4,770 in the graphics on Friday at the time of edition, just one 2.6% below its historical maximum of USD $ 4,880, seen almost five years ago. The accumulated increase in the month is now 32.6% compared to the loss of 1.2% BTC.
The sudden rebound surprised the derivative market operators, activating the settlements. Ether By itself it has observed settlements for more than USD $ 300 million between short and long positions in the last 24 hours, with approximately USD $ 225 million corresponding to short positions or bass bets of Ethereumaccording to data from Coinglass.
The cryptocurrency market as a whole has faced liquidations for USD $ 621 million since yesterday at this time, with Ethereum highlighting as responsible for almost half of the total figure. Blood positions has resulted in a value of USD $ 380.4 million, with about 150,000 individual operators affected in total.
Powell’s less aggressive tone in Jackson Hole, along with the insinuation that rates cuts could be on the table next month, have directly benefited risk assets such as Bitcoin and Ether; although the high volume of the liquidations suggests a volatile dynamic in immediate terms for the market.
Cryptocurrency market capitalization is around 5% higher in the day, with Altcoins such as XRP, BNB, Sol, registering profits of between 5% and 8%.
Hannah Estefanía Pérez / Diariobitcoin
Edited image of Unspash
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