Ethereum Surges 10%, Hits All-Time High On Coinbase After Powell’s Jackson Hole Speech

Ethereum (ETH) soared more than 10% in the last 24 hours to reach a new all-time high (ATH) on Coinbase after Federal Reserve Chair Jerome Powell hinted at possible interest rate cuts during a speech at the Jackson Hole summit.

The leading altcoin’s price crossed above $4,867 on the US crypto exchange for the first time since November 2021.

Following the surge, the Ethereum price has pulled back slightly to trade at $4,737.54 as of 1:05 a.m. EST, according to data from CoinMarketCap.

Despite reaching a record peak on Coinbase, both CoinMarketCap and CoinGecko show that ETH’s ATH still stands at $4,891.70.

Powell Hints At Possible Interest Rate Cut

Speaking at the Jackson Hole summit yesterday, Powell said a ”shifting balance of risks may warrant adjusting our policy stance,” sending markets on a tear.

He said the labor market remains in good shape and the economy has shown “resilience.” Despite that, he added that downside risks are rising, and that President Donald Trump’s trade tariffs may cause inflation to rise again. 

Given the Fed’s benchmark interest rate is a full percentage point below where it was when Powell delivered his keynote speech a year ago, and the unemployment rate is still low, Powell said that conditions allow “us to proceed carefully as we consider changes to our policy stance.” 

According to the CME FedWatch tool, analysts put the chances that the Fed will cut rates by 25 basis points at 75%.  

Polymarket September rate cut odds

Polymarket odds of what the Fed’s decision will be in September (Source: Polymarket)

Bettors on Polymarket also have also grown increasingly confident that there will be a rate cut in September. Odds of a 25 bp cut soared 19% to 78% in the last 24 hours. Odds that there will be a 50+ bp rate cut also climbed 1% to stand at 3%.

Conversely, odds that interest rates will remain unchanged dropped 19%.

Trump’s World Liberty Financial, Whale Pile Into ETH

After Powell’s speech, the Trump family bought more ETH through their World Liberty Financial (WLF) project, according to on-chain analytics platform Lookonchain.  

In the last 24 hours, WLF spent 5.025 million USDC to buy 1,076 ETH when the altcoin was priced at $4,670, Lookonchain said. 

A Bitcoin whale that had been dormant for a few years also continued to cash out BTC and buy into ETH. Lookonchain noted in an earlier post on X that the investor deposited another 300 BTC worth $34.78 million on Hyperliquid, sold the BTC, and invested the amount in ETH.

Related Articles:

  • Ethereum Could Soar To $20K On ETH Treasury Buying, Arthur Hayes Says
  • South Park Mocks Donald Trump’s Crypto Ties In ‘Sickofancy’ Episode
  • Ethereum NFTs Jump +20% In Daily Sales, As ETH Hits New ATH

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Bitstamp Officially Lists PEPE & Solana (SOL) In The US

Hình ảnh
Cryptocurrency exchange Bitstamp announced it is officially listing both PEPE and Solana (SOL) in the United States. Indeed, the platform took to X (formerly Twitter) to announce it is listing both the third largest non-stablecoin and meme coin by market cap, respectively. The move is a reversal for SOL, as Bitstamp announced it was ending trading for the crypto in August of 2023. The exchange noted that Solana and six other cryptocurrencies would be “permanently” suspended following a US Securities and Exchange Commission (SEC) qualification that they were unregistered securities. JUST IN: Bitstamp officially lists $PEPE, and Solana $SOL in the US. — Watcher.Guru (@WatcherGuru) November 29, 2024 Also Read: Coinbase Officially Lists Memecoin PEPE Solana Returns, PEPE Debuts on Bitsamp in the US It has certainly been an important year for cryptocurrencies. Although two crypto-based ETFs were approved in the United States, the country took a massive shift as Donald Trump...
Đọc thêm

Currently, 51% of Ethereum blocks are censorable. The time has come for Flashbots to end

Hình ảnh
Join Our Telegram channel to stay up to date on breaking news coverage Censorious MEV-Boost relays, notably Flashbots, are producing an increasing number of Ethereum blocks. If the MEV organization truly cares about Ethereum, it might think about ceasing operations so that developers can put a long-term fix in place. 51% of blocks are threatened with censorship The MEV censorship issue in Ethereum is getting worse by the hour. MEV Watch reports that 51% of yesterday’s Ethereum blocks were created by so-called “OFAC compliant” MEV-Boost relays, which are relays that have publicly announced their intention to censor future transactions via Tornado Cash or other protocols targeted by the U.S. Treasury. Arbitrage opportunities discovered by rearranging transactions within a block while it is being produced are referred as as MEV, or “Maximum Extractable Value.” For on-chain merchants and validators, Flashbots and other MEV-Boost relays essentially ac...
Đọc thêm

Korean telecom giant launches digital currency for its metaverse

Hình ảnh
To boost users’ activity, SK Telecom has launch ed a digital currency for virtual purchases in its metaverse dubbed Ifland. One of the largest telecommunication companies in South Korea is taking another step towards the adoption of metaverse technologies. SK Telecom, a Korean telecom provider with over 30 million customers, announced in a press release on Monday, Oct. 16, 2023, the launch of an economic system to its metaverse platform Ifland, with a new virtual currency named “Stone.” Virtual meetup in ifland | Source: SK Telecom You might also like: Korean IT firm, NHN, to develop games on Sui network According to the Seoul-headquartered company, the digital currency can be used to purchase virtual items with “high collectible values” and to sponsor hosts of events or meetups. With the launch of Stones, SK Telecom wants to bring in more users as influencers can now generate profit by receiving donations from subscribers. “Goi...
Đọc thêm