Crypto Markets Plummet After Hawkish Fed Speech

The cryptocurrency market experienced a broad pullback following a hawkish speech by new US Federal Reserve Chair Kevin Warsh at Jackson Hole. The speech reaffirmed a strict 2% inflation target and suggested rates could stay higher for longer, leading to a sharp selloff in Bitcoin and altcoins.

Venice Token (VVV) was among the affected assets, dropping 6.54% over the last 13 hours. However, according to analysis, this move was not driven by any Venice-specific event but rather the broader market reaction to the Fed's comments.

The data shows that total crypto market cap fell about 3.1% over the last 24 hours, and altcoin market cap excluding BTC and ETH dropped around 3.0%. These moves align with the timing of Warsh's speech and derivatives liquidations.