Bitcoin’s rally from under $65,000 to over $81,000 faced its first major macro setback after Fed Chair Kevin Warsh delivered a hawkish message at Jackson Hole. Warsh made clear that inflation remains too high and the US economy is still strong, pushing rate-hike odds for September from one-third to roughly 60%. In hours following his speech, BTC dumped by $3,000, slipping below $77,000 for the first time in almost a week, while US Treasury yields climbed and the dollar strengthened. Markets are now split between Treasury support for financial conditions and a Fed that may need to keep monetary policy tighter than investors expected.
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