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Crypto

Warsh's Hawkish Remarks Spark Rate Hike Bets and BTC Sell-Off

Guavy AI Editorial Team
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BTC
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Bitcoin's price plummeted below $78,000 following Federal Reserve Chairman Kevin Warsh's hawkish remarks at the Jackson Hole Economic Symposium.

Warsh dismissed recent improvements in inflation metrics, stating that core inflation patterns have not 'meaningfully improved.'

This interpretation led to a surge in market expectations for a September interest rate increase, with the CME FedWatch probability indicator jumping to 59% from around 35% the previous session.

In related news, Bitcoin ETF products experienced $202 million in withdrawals on August 28, breaking a nine-day positive flow pattern.

Despite this decline, Bitcoin maintains a 26.35% monthly gain, its strongest showing since 2017.

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