Forex
Warsh's Speech to Decide Fate of Bitcoin Rally Above $80,000
Bitcoin's price surged past $80,000 on Thursday after a sharp advance over the past ten days.
The cryptocurrency's rise coincided with steps taken by the Treasury Department to ease pressure on longer-term government bonds.
Investors are now waiting for Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium, where he will address inflation concerns that remain above the central bank's 2% goal.
The Bureau of Economic Analysis reported that the personal consumption expenditures price index rose 3.7% from a year earlier in July, while core PCE increased 3.3%.
Warsh's speech on Friday is seen as crucial in determining whether the rally will continue, with markets pricing a 34% probability of a September rate increase.