Bitcoin Slumps Below $77K as Warsh's Hawkish Stance Hits Crypto Market

The cryptocurrency market took a hit after the Jackson Hole speech by Kevin Warsh, with Bitcoin's price plummeting to a five-day low of under $77,000. The new Fed Chair's hawkish stance caused most altcoins to follow suit, posting daily declines ranging from 3-5%. Ripple's XRP dropped below $1.40, after recently peaking at $1.70.

BTC's price rally began on August 19, when it surged from under $65,000 to almost $80,000 in just 48 hours. The bulls regained control and pushed the asset north as the new business week began, challenging the $80,000 level but ultimately being rejected twice. However, the bears' defense of the $80,000 level was not strong enough, and BTC dipped below $77,000 shortly after Warsh's speech.

The total crypto market cap shed over $80 billion following the event, now standing at $2.720 trillion. Ethereum is down by almost 3% in the past 24 hours, rejected at $2,500 once again and now sitting at $2,430. Most altcoins suffered losses, with BCH slumping by more than 7% to under $250.