Ethereum’s price soared over 13% on Friday, reaching a multi-year peak of $4,834, outperforming Bitcoin and other top cryptocurrencies during a bullish rebound. This surge resulted in significant losses for those leveraged short positions, with over $673 million wiped from the wider crypto market capitalization. The total crypto market cap jumped over 5% in the past 24 hours to hover around $4.12 trillion, according to recent data. The primary driver behind Ethereum’s impressive jump was comments made by Fed Chair Jerome Powell during his speech at the Jackson Hole Symposium. His hints about a possible rate cut in September likely fueled investor optimism and accelerated demand for Ether.