Bitcoin (BTC) Price: Fed Chair Warsh’s Hawkish Jackson Hole Speech Sends BTC Below $77K

TLDR

• Bitcoin dropped to $78,442 after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole
• Warsh said recent lower CPI and PCE prints do not show inflation trends have “meaningfully improved”
• Odds of a September rate hike jumped to 59%, up from 35% the day before
• Spot Bitcoin ETFs saw $202M in outflows on August 28, ending a nine-day inflow streak
• BTC is still up 26.35% month-to-date, its best August performance since 2017

Bitcoin fell sharply on Friday after Federal Reserve Chair Kevin Warsh delivered his first keynote at the Jackson Hole Symposium, sending BTC as low as $78,442 on Bitstamp.

Warsh’s tone was cautious on inflation. He said recent improvements in CPI and PCE data do not mean underlying inflation trends have “meaningfully improved,” and reaffirmed the Fed’s 2% target.

The speech was widely read as hawkish. Traders raised their bets on a September rate hike, with the CME FedWatch tool showing odds climbing to over 59%, up from around 35% the day prior.

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