Bitcoin Hovers Near $80K as Markets Await Warsh's Inflation Remarks
Bitcoin has reclaimed the $80,000 level after a sharp advance over the past ten days. The cryptocurrency's price surge coincided with steps taken by the Treasury Department to ease pressure on longer-term government bonds.
The focus is now shifting to Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole economic policy symposium on Friday, where he will address inflation concerns.
Warsh will speak as inflation remains above the central bank's 2% goal. The latest data shows a 3.7% year-over-year increase in the personal consumption expenditures price index and a 3.3% rise in core PCE.
Marks are pricing a 34% probability of a September rate hike, down from higher levels following Wednesday's inflation report. Warsh has resisted providing detailed forward guidance, leaving markets with uncertainty about his next move.