#Crypto rally is now at the mercy of Warsh.
After a 28% jump in August, Bitcoin is entering the Jackson Hole week around the $80,000 mark.
The Crypto GREED index climbed to 74/100, reaching its highest level in the past 11 months.
The rally began as Treasury bond buybacks drove yields down and weakened the dollar.
Then more than $4 billion in crypto short positions were liquidated, accelerating the jump.
Reports that the Treasury could tap into its roughly $1 trillion cash balance boosted the liquidity excitement.
PCE inflation and GDP data will be released on Wednesday and will form the rally’s first major test.
The main event will come on Friday, when Fed Chair Kevin Warsh delivers his first Jackson Hole keynote.
A dovish message could spark enthusiasm, while a hawkish surprise could turn greed back into fear.
Billions are now depending on Warsh.
After a 28% jump in August, Bitcoin is entering the Jackson Hole week around the $80,000 mark.
The Crypto GREED index climbed to 74/100, reaching its highest level in the past 11 months.
The rally began as Treasury bond buybacks drove yields down and weakened the dollar.
Then more than $4 billion in crypto short positions were liquidated, accelerating the jump.
Reports that the Treasury could tap into its roughly $1 trillion cash balance boosted the liquidity excitement.
PCE inflation and GDP data will be released on Wednesday and will form the rally’s first major test.
The main event will come on Friday, when Fed Chair Kevin Warsh delivers his first Jackson Hole keynote.
A dovish message could spark enthusiasm, while a hawkish surprise could turn greed back into fear.
Billions are now depending on Warsh.