Bitcoin Surges Past $80K Ahead of Warsh's Jackson Hole Speech
Bitcoin has been on a tear, surging over $15,000 in the past 10 days alone. As of now, it's back above $80K ahead of FOMC Chairman Warsh's highly anticipated keynote speech at the Jackson Hole Economic Symposium tomorrow.
The return of Bitcoin ETF inflows is seen as one of the most tangible bullish developments over the last two weeks. US-listed ETFs recorded $232 million of net inflows yesterday, extending their positive streak to eight consecutive sessions with cumulative inflows exceeding $2.8 billion.
More broadly, concerns about fiscal deficits and potential currency debasement have driven investors toward scarce assets like Gold and Bitcoin. The recent expansion of the US Treasury's long-term bond buyback program has further supported prices.
Friday's speech by Fed Chair Kevin Warsh at Jackson Hole is a key event risk. Traders are looking for hints about longer-term issues, such as the central bank's tolerance for above-target inflation and its relationship with the US Treasury.