Fed Chair Kevin Warsh speaks at Jackson Hole today at 10 AM ET — this matters for crypto.

Markets are pricing in a 66.3% chance of a pause and 33.7% chance of a rate hike in September.

Two simple outcomes:

1. Dovish tone → risk assets pump, crypto included
2. Hawkish tone → liquidity tightens, expect a dump

Volatility is guaranteed. Crypto moves fast when macro clarity shifts, and Jackson Hole speeches have historically set the tone for Fed policy into year-end.

Watch the language around inflation, labor markets, and terminal rates. Those are the real signals.