Crypto
Bitcoin Slides to $78K as Fed's Warsh Cites Sticky Inflation
US Federal Reserve official Kevin Warsh delivered a keynote address at Jackson Hole that was seen as tempering expectations around inflation progress. The reaction in cryptocurrency markets was immediate, with BTC/USD sliding to a fresh intraday low near $78,442 on Bitstamp before recovering towards the $79,500 area.
Market observers are now focused less on a single macro headline and more on whether Bitcoin's derivatives complex can help sustain price levels near $83,000, especially as August trading closes and liquidity conditions tighten.
A key takeaway from Warsh's speech is that lower PCE and CPI prints do not amount to 'meaningfully improved' underlying inflation trends, maintaining the Fed's 2% target.