Bitcoin Slips Below $80,000 After Kevin Warsh’s Inflation Vow
US spot Bitcoin ETFs posted nearly $202 million in outflows as analysts watched $77,000 support after hawkish Federal Reserve comments.
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10 Articles
The Economic Times
Bitcoin slips below $80,000 after Kevin Warsh’s inflation vow
Bitcoin slipped below $80,000 after hawkish comments from Fed Chair Kevin Warsh raised concerns over interest rates and weighed on risk assets. The cryptocurrency is now trading near key support levels, with analysts watching $77,000 closely. Meanwhile, US spot Bitcoin ETFs ended a nine-session inflow streak with nearly $202 million in outflows, signalling some cooling in institutional demand.
Bitcoin slips below US$80,000 after Kevin Warsh’s inflation vow
Bitcoin slipped back below US$80,000 on Friday (Aug 28) after Federal Reserve Chair Kevin Warsh pledged to bring inflation back to target, pushing short-term Treasury yields higher and cooling some of the week’s risk-on momentum. Read more at The Business Times.
Bitcoin and gold retreated after climbing together during August, while Kevin Warsh’s toughest message at Jackson Hole raised expectations of higher rates. The growing correlation between the two assets poses a paradox for BTC: it can benefit from fear of devaluation, but also suffer when the Federal Reserve prioritizes fighting inflation.
Why is Bitcoin price down today?
Bitcoin BTC has fallen about 0.7% over the past 24 hours to around $77,800 on Aug. 31, extending its retreat after another failed attempt to hold above $80,000.The latest decline came as global markets priced in a higher chance of another Federal Reserve rate increase following Chair Kevin Warsh’s speech at Jackson Hole on Friday.Warsh said inflation remained too high and indicated that further tightening could be needed to return inflation to t…
Bitcoin Analysis: Attempted Wedge Breakout on Elevated Volume - ActionForex
On 28 August, Fed Chair Kevin Warsh delivered a more hawkish assessment of inflation at the Jackson Hole symposium than he had following the July meeting. He reaffirmed the Federal Reserve’s 2% target for core PCE inflation and described tackling price pressures as the central priority for policymakers. Following his remarks, expectations for a rate […] The post Bitcoin Analysis: Attempted Wedge Breakout on Elevated Volume appeared first on Acti…
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