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Bitcoin nears $81,000 ahead of Fed chair Warsh’s Jackson Hole speech
Bitcoin was last around $80,236 after briefly reaching $80,793 in New York, as the market looks to Warsh’s Friday remarks on digital payments.
Bitcoin traded near $81,000 ahead of Federal Reserve Chair Kevin Warsh’s keynote at the Jackson Hole meeting, with the leading cryptocurrency having closed in on the $81,000 level before pulling back again.
Bitcoin was recently quoted at $80,236 after moving as high as $80,793 earlier in the day in New York. Bitcoin was up more than 2% over the past day and gained about 10% over the past week, according to Bitcoin Magazine.
Bitcoin Magazine said the run is tied to expectations around Warsh’s first major speech as chairman on Friday, where he is expected to discuss digital payments and, potentially, crypto. The outlet also noted that Warsh has made pro-Bitcoin statements previously.
The report pointed to recent positive developments on US crypto regulation, including a delay to a vote on the long-awaited crypto Clarity Act until September. It also linked the broader risk-on backdrop to a US Treasury announcement that it would double the size of its long-dated bond buybacks, which it said pushed yields lower and reduced the opportunity cost of holding non-yielding assets such as bitcoin and gold.
Latest closeGold $4,666.20 ▲0.6%|Bitcoin $79,985.12 ▲1.2%