Bitcoin Plunges Below $77K After Warsh's Hawkish Speech

Bitcoin's price dropped below $77,000 after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole. He warned that inflation remains too high and that policymakers still have more work to do.

The comments pushed traders to rethink expectations for future interest rates, putting fresh pressure on Bitcoin and other risk assets.

As a result of the sharp move, heavily leveraged positions were liquidated, with $478 million in total crypto liquidations over the past 24 hours. The largest single liquidation was an $11.66 million ETHUSDT position on Binance.

The next major move for Bitcoin could depend on whether it can reclaim a key technical level, the 50-week moving average near $81,000.