Bitcoin briefly dropped below $80,000 after newly appointed Federal Reserve Chair Kevin Warsh used his Jackson Hole keynote to remind markets that inflation remains the Fed’s primary concern. The Fed’s preferred measure, the Personal Consumption Expenditures gauge, stood at 3.7% year-over-year, with the six-month annualized reading at 4.1%, nearly double the 2% target. This move triggered nearly $488 million in crypto liquidations, overwhelmingly on the long side. The probability of a September rate hike jumped from roughly 35% to somewhere between 50% and 60% following Warsh’s speech.
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