Bitcoin falls below $78,000 as crypto market faces correction after Warsh’s Jackson Hole comments
Bitcoin and Ethereum extended their declines as crypto markets remained under pressure following Kevin Warsh’s hawkish comments on inflation and US monetary policy. Analysts said elevated leverage and liquidations added to selling pressure, while crypto ETF inflows and gains in US technology stocks offered some support to the broader market.
Bitcoin fell below the $78,000 mark on Saturday as the crypto market corrected following Federal Reserve Chair Kevin Warsh's Jackson Hole comments, which shifted focus towards US monetary policy. The cryptocurrency was trading at $77,384, down 2.5% over the past 24 hours, while Ethereum fell 1.9% to trade at $2,430. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano declined by up to 4.2%, while Tron gained.
The global crypto market capitalisation edged down 2.57% to $3.07 trillion, with leverage adding to the selling, with around $488 million in crypto positions liquidated, including more than $360 million in leveraged longs. Warsh's comments indicated that policy could remain restrictive if price pressures persist, putting pressure on risk assets, including cryptocurrencies.
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