La Fed pone freno al rally del bitcoin

The Federal Reserve has put the brakes on the recent surge in bitcoin prices. Despite a very positive month for the cryptocurrency in August, the Fed's recent actions have dampened sentiment, pushing the bitcoin value down from $80,000. After a one and a half month rally, the price of bitcoin dropped by 23% in just three days. Bitcoin's meteoric rise occurred between August 18 and 21, reaching above $80,000 just before the anticipated intervention at the Federal Reserve's Jackson Hole meeting.

The newly appointed Federal Reserve Chair, Kevin Warsh, surprised analysts with a more severe message, emphasizing that the Fed's top priority is inflation and that he is prepared to act if inflation does not decline soon. The Jackson Hole summit further tipped the scales towards another interest rate hike by the world's most influential central bank, particularly affecting crypto assets.

Even the most skeptical investment firms acknowledge a shift in perspective. UBS analysts note that Federal Reserve Chair Kevin Warsh highlighted in his Friday speech at Jackson Hole the need for progress in inflation in the U.S. This led to a surge in future interest rates, with the probability of a rate hike at the September 15-16 meeting rising to nearly 60%, up from around 35-40% before his speech.

The central scenario now is a rate hike by the Fed at its September 16 meeting. This outlook has slowed the bitcoin rally, one of the most sensitive assets to rate hikes, as higher interest rates increase aversion to risk. The increase in debt interest and the rising dollar, also due to the Fed, also weigh against it. Since the Fed chair's intervention, bitcoin has remained below the $80,000 threshold seen the day before.

In today's session, the leading cryptocurrency is hovering at $78,000, awaiting new catalysts to reignite the recent upward momentum.