Bitcoin Hovers Below $80,000; Fed Warsh's Jackson Hole Speech in Focus
Dow Jones
Aug 28
0345 GMT - Bitcoin hovers just below the key $80,000 level as markets hold their breath ahead of Fed Chair Warsh's speech at the Jackson Hole symposium. The cryptocurrency's recent rally has bulls hopeful, but analysts caution against calling victory just yet. Regulatory tailwinds and Treasury buybacks that pushed down bond yields and the dollar have encouraged flows into non-yielding assets. But it is important to not conflate the squeeze on Bitcoin shorts with the start of a new phase of structural demand, says Javier Molina at eToro. Myriad factors like dollar strength, interest rates and ETF flows should confirm if the upturn is here to stay. AI will matter too, says Molina: If capex jitters drag the Nasdaq, that will likely pull Bitcoin down too. Bitcoin slips 0.1% to $79,994.
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