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Bitcoin slips near $78.4K after Fed Chair Warsh warns on inflation

Bitcoin dipped to about $78,442 on Bitstamp, as Warsh signaled the Fed will avoid forward guidance despite acknowledging its 2% inflation target.

Reported · Written up by our desk · Market Structure

Bitcoin was volatile after the Wall Street open, trading near $78,4K and failing to break decisively above $80,000, according to Cointelegraph.

Cointelegraph reports BTC/USD fell to about $78,442 on Bitstamp, down roughly 1% at the time of writing, with traders reacting to Fed Chair Kevin Warsh’s Jackson Hole keynote speech.

In the remarks, Warsh emphasized caution on inflation and said he remains committed to the Fed’s 2% target. He also described reducing the use of hints about future monetary policy, saying the practice of forward guidance will not return, and he argued that softer CPI and PCE prints do not yet show a clearly improving underlying trend.

Cointelegraph adds that US stocks held up around Warsh’s comments, with the S&P 500 and the Nasdaq Composite up about 0.5% at the time, as Bitcoin continued to trade in a tight range around $80,000.

Latest closeBitcoin $77,411.01 ▼3.5%|S&P 500 7,675.70 ▼0.0%|Nasdaq Comp. 26,130.20 ▼0.1%

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