Warsh's Hawkish Speech Sends Bitcoin Plunging

Bitcoin (BTC) and other cryptocurrencies took a hit after Kevin Warsh's hawkish speech at the Jackson Hole conference. The event, which is an international gathering of top economists and policymakers, delivered a strong message that may have spooked investors.

The Fed's tone at Jackson Hole sent shockwaves through the market, causing Bitcoin to drop 3% in value over the past 24 hours. Ethereum (ETH) and XRP also fell, losing 2.7% and 4.89%, respectively.

Warsh's speech was notable for its hawkish outlook, which some may interpret as a sign that interest rates will rise sooner rather than later. This could have significant implications for the cryptocurrency market, where high inflation and rising interest rates can be major headwinds.