Warsh's Hawkish Speech Sends Bitcoin Price into Retreat

The Bitcoin price dropped by 3% in the past 24 hours after Kevin Warsh's hawkish speech at the Jackson Hole event. The overall crypto market cap fell by 2.97%, with Ethereum (ETH) and XRP declining by 2.7% and 4.89% respectively.

Warsh, in his first appearance as Fed Chair, emphasized that the economy remains strong but inflation is still a concern. He noted that PCE inflation has remained at 3.7% over the past year and 4.1% annualized over six months, above the Fed's target of 2%. The Fed Chair discouraged markets from seeking forward guidance, stating it has 'overstayed its welcome.'

The market reaction was immediate, with investors adopting a risk-off attitude causing Bitcoin to fall below $80K resistance. Long liquidations reached $138 million, while ETH and XRP retreated to trade at $2,420 and $1.36 respectively.