Bitcoin lost approximately $3,000 in one hour after Kevin Warsh’s speech at Jackson Hole, his first as chair of the US Federal Reserve. This drop triggered over $200 million in leveraged positions liquidated within an hour, according to CoinGlass data. Warsh maintained a hawkish stance, reaffirming the Fed’s 2% inflation target and stating that the current rate of around 3.7% remains too high. The odds of a rate hike at the next FOMC meeting increased on prediction markets. Most other major crypto assets also declined, with notable losses for XRP (5%), Ethereum (3%), and Bitcoin Cash (nearly 9%).
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