Bitcoin Plummets $3K After Warsh's Hawkish Tone at Jackson Hole

Bitcoin's price stability was disrupted after Kevin Warsh finished his speech at Jackson Hole. The asset plummeted by $3,000 in just an hour, dragging many altcoins with it. This sudden drop resulted in over $200 million in liquidated positions.

The market reacted to Warsh's hawkish tone, which reaffirmed the Fed's 2% inflation target and called current figures of around 3.7% 'too high.'

Although there was no official confirmation that rates would hike at the upcoming FOMC meeting next month, prediction markets saw an increase in odds.