Bitcoin Soars to Nearly $81k Ahead of Fed's Jackson Hole Meeting

Bitcoin's price surged to nearly $81,000 on Thursday before dipping as it continues its stellar week.

The cryptocurrency closed at $80,236 after reaching a high of $80,793 in New York. It has gained more than 2% over the past day and over 10% in a week.

This price action comes ahead of Friday's keynote address by Federal Reserve Chair Kevin Warsh on digital payments, including crypto.

The event at Jackson Hole, Wyoming will also feature discussions on financial innovation and its implications for policy. The Federal Reserve Bank of Kansas City notes that recent years have seen a surge in innovation in financial intermediation and payments, including cryptocurrencies and stablecoins.