Crypto Markets Plummet After Hawkish Fed Remarks

Fed Chair Kevin Warsh's hawkish remarks at the Jackson Hole Symposium have sent shockwaves through the crypto market, pushing Bitcoin and Ethereum down by 3.1% each.

The speech sparked renewed expectations of a September rate hike, with odds now sitting at 49%, up from 30% previously.

Warsh emphasized that the Fed's 2% price stability target is 'a firm, fixed target' and that delivering stable prices is their job, 'no excuses'. He noted that the U.S. economy currently looks stronger than expected and credit and loan markets show few signs of policy restraint.

BTC fell to $77,901.87, while Ethereum dropped to $2,444. Notably, XRP plummeted by 5% to $1.39.