Warsh's Jackson Hole Speech Sends Bitcoin Price Volatile

Bitcoin (BTC) volatility spiked after Federal Reserve Chair Kevin Warsh's keynote speech at the Jackson Hole Symposium, where he downplayed recent softer inflation prints. In his speech, Warsh emphasized that underlying trends have not 'meaningfully improved.'

Warsh stated that forward guidance on future monetary policy will no longer be a regular practice, as it was initially adopted during the Global Financial Crisis. He also dismissed lower-than-expected inflation prints in the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) index, saying they do not indicate a downtrend.

As a result of Warsh's comments, Bitcoin price action continued to gyrate around the $80,000 mark. BTCUSD dipped to $78,442 on Bitstamp in volatile trading conditions, down around 1% at the time of writing.