Bitcoin fell below $79,000 after Federal Reserve Chair Kevin Warsh delivered a hawkish Jackson Hole speech focused heavily on persistent inflation risks.
Warsh said the Fed’s “predominant focus” should remain on inflation and argued that the central bank still has “work to do” to bring price growth sustainably back toward its 2% target.
Markets quickly repriced the outlook for monetary policy. According to CME FedWatch, the probability of a September rate hike jumped to 42% from 35% a day earlier.
Bitcoin slipped to around $78,700 following the remarks, while US stocks moved modestly lower and Treasury yields edged higher.
Warsh’s comments reinforced expectations that the Fed may keep monetary conditions tighter for longer, potentially creating additional pressure on risk assets including cryptocurrencies. $BTC
Warsh said the Fed’s “predominant focus” should remain on inflation and argued that the central bank still has “work to do” to bring price growth sustainably back toward its 2% target.
Markets quickly repriced the outlook for monetary policy. According to CME FedWatch, the probability of a September rate hike jumped to 42% from 35% a day earlier.
Bitcoin slipped to around $78,700 following the remarks, while US stocks moved modestly lower and Treasury yields edged higher.
Warsh’s comments reinforced expectations that the Fed may keep monetary conditions tighter for longer, potentially creating additional pressure on risk assets including cryptocurrencies. $BTC