Crypto
Bitcoin Price Drops After Warsh's Hawkish Speech
The price of Bitcoin fell by 2.93% over the past 24 hours to around $77,509. This decline comes after a hawkish speech from Federal Reserve Chair Kevin Warsh at Jackson Hole, which had markets spooked.
According to CNBC, Warsh said that recent PCE and CPI readings came in better than expected but did not show any meaningful improvement in underlying inflation trends. He avoided specifying a rate path and instead pushed for a 'quieter Fed' that leans less on forward guidance.
The drop also comes after a historic run, with the price rising from $62,818 to $77,593 between August 17 and August 23, representing a weekly gain of $14,775, or 23.5%, which is the largest weekly dollar increase ever recorded.