Ethereum
Crypto markets slide after Warsh delivers hawkish Jackson Hole speech
Bitcoin, Ethereum and XRP declined sharply following Fed Chair Kevin Warsh's hawkish remarks at the Jackson Hole conference.
Major cryptocurrencies retreated following a hawkish policy speech from Fed Chair Kevin Warsh at Jackson Hole. Bitcoin fell 3.23% to trade near $77,812, while Ethereum and XRP dropped 2.7% and 4.89% respectively over the preceding 24 hours.
Warsh acknowledged strong economic conditions with unemployment at 4.1%, but emphasised that inflation remains problematic. PCE inflation stood at 3.7% year-on-year and 4.1% on an annualised six-month basis, both well above the Fed's 2% target. The Fed Chair noted that 54% of PCE basket components had risen 3% or more over the past year.
Warsh stated the Fed maintains a "predominant focus on prices" in pursuing its 2% objective and cautioned markets against relying on Fed forward guidance, suggesting this approach has "overstayed its welcome." He highlighted that current financial conditions remain non-restrictive, citing friendly lending standards and liberal credit markets.
The risk-off sentiment triggered substantial liquidations across crypto markets, with long positions worth $138 million liquidated in Bitcoin and $350.94 million across the broader market.
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