Bitcoin Surges Ahead of Jackson Hole Meeting on Regulatory Hopes

Bitcoin's price again approached $81,000 on Thursday before retreating as its strong week continued. The cryptocurrency was trading at $80,236 after reaching a high of $80,793 earlier in the day.

The 2% daily gain and 10% weekly rise come ahead of the Federal Reserve's Jackson Hole meeting, where Chair Kevin Warsh is expected to discuss digital payments, including crypto.

Warsh has made pro-Bitcoin statements in the past and has been hesitant to lower interest rates. However, President Donald Trump has pushed for borrowing costs to decrease, which could benefit Bitcoin in a low-interest-rate environment.

Recent positive regulatory news has also contributed to the coin's run, with President Trump calling the Clarity Act a 'very, very powerful' piece of legislation and urging lawmakers to pass it. The bill aims to establish a framework for distinguishing between digital assets that are securities, commodities, or payment stablecoins.