Crypto Market Correction: Bitcoin Falls Below $78,000 After Jackson Hole Comments

Bitcoin fell to $77,384 on Saturday as the crypto market continued its correction following Federal Reserve Chair Kevin Warsh's comments at Jackson Hole. The cryptocurrency was down 2.5% over the past 24 hours.

Ethereum also declined, falling by 1.9% to trade at $2,430. Major altcoins like BNB and XRP were down by up to 4.2%, while Tron gained.

The global crypto market capitalisation edged down 2.57% to $3.07 trillion, according to CoinGecko. Research Analyst at Delta Exchange, Riya Sehgal, said that Bitcoin had fallen from above $81,000 earlier in the week to around $77,700.

Sehgal attributed the decline to leverage and forced selling triggered by Warsh's comments on inflation and monetary policy. She noted that Treasury yields moved higher after the remarks, putting pressure on risk assets like cryptocurrencies.