The second-largest cryptocurrency was last higher by 12% at $4,738.91, according to Coin Metrics. Last week, ether nearly touched its 2021 all-time high<\/a> of $4,866.01, before falling as low as the $4,000 level this Tuesday.<\/p>\n Bitcoin<\/a> rose 3% to $116,191.09.<\/p>\n Stock Chart IconStock chart icon Ether (ETH) bounces after Powell’s Jackson Hole speech<\/p>\n The moves came during Powell’s annual address from Jackson Hole, Wyoming<\/a>. “With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” said Powell.<\/p>\n “Traders seem to have been caught completely off-sides by Powell’s dovish comments today,” said Jordi Alexander, CEO at crypto trading firm Selini Capital. “The market positioning in recent sessions has seen clear risk-off moves in assets like crypto and tech, and today’s setting up of a September rate cut is causing a panicked repositioning, which could continue through the illiquid weekend as shorts get squeezed.”<\/p>\n “Momentum is back on the menu with the administration and the Fed seemingly aligned on easing,” he added.<\/p>\n Around the time of the speech, ETH saw about $120 million in short liquidations in a one-hour period, according to CoinGlass. When traders use leverage to short ether and the coin’s price rises, they buy ETH back from the market to close their positions. In turn, this pushes the coin’s price even higher and results in more positions being liquidated.<\/p>\n Shares of companies focused on accumulating ether, which were some of the hardest hit this week<\/a> when investors rotated out of tech names, bounced with the coin Friday. Bitmine Immersion<\/a> and SharpLink Gaming<\/a> jumped 14% and 12%, respectively.<\/p>\n Shares of Peter Thiel-backed ETHzilla<\/a> tumbled more than 38% at one point Friday after the ether<\/a> treasury company offered up to 74.8 million of its shares<\/a> for resale. It was last down 30% following Powell’s Jackson Hole remarks.<\/p>\n Elsewhere, Solana-focused treasury firm DeFi Development<\/a> surged 19%, and crypto exchange Coinbase<\/a> advanced 6%. Stablecoin issuer Circle<\/a> gained 7%, and bitcoin proxy Strategy<\/a> added 5%.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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