Warsh's Hawkish Speech Sends Crypto Market into Retreat

The cryptocurrency market saw a decline of 3.23% in the past 24 hours following the Jackson Hole event, where Fed Chair Kevin Warsh delivered a hawkish outlook on inflation.

Warsh emphasized that while the economy remains strong with unemployment at a multi-decade low of 4.1%, PCE inflation remains high at 3.7% in the last year and 4.1% annualized over the past six months, exceeding the Fed's target of 2%.

As a result, investors adopted a risk-off attitude, causing Bitcoin to drop below its $80K resistance line to trade at $77,812, with long liquidations totaling $138 million out of $185 million. Ethereum and XRP also retreated, trading at $2,420 and $1.36 respectively.