Bitcoin fell below $77,000 after Fed Chair Kevin Warsh’s Jackson Hole speech triggered a massive deleveraging cascade across crypto markets. Data from CoinGlass recorded $487.68 million in liquidations over 24 hours, affecting 97,691 traders, with more than $200 million closed within a single hour. Long positions absorbed the bulk of losses at over $360 million, while Bitcoin-specific liquidations reached $141 million. September rate-hike expectations surged from 35% to 60% following Warsh’s remarks, with the Fed’s preferred PCE inflation gauge running at 3.7% year-over-year and 4.1% annualized over six months, well above the 2% target.
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