Bitcoin steadies near $80k with Warsh speech in focus
Investing.com-- Bitcoin rose on Friday, hovering near recent peaks as caution kicked in before a closely watched address by Federal Reserve Chair Kevin Warsh later in the day.
The world’s largest crypto rose 1.3% to $79,882.3 by 02:12 ET (06:12 GMT), remaining in sight of a three-month high of over $81,000 hit earlier in the week.
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Bitcoin was also set to add about 2% this week. The crypto rebounded sharply over the past week amid optimism over regulatory progress in the United States. U.S. Treasury intervention in the bond market also spurred flows into alternative assets like Bitcoin and gold.
Crypto also took positive cues from a broader rally in technology stocks this week, following blowout earnings from Nvidia.
But persistent uncertainty over the U.S.-Iran war limited overall risk appetite, as did lingering concerns over rising interest rates.
Warsh awaited for more cues on interest rates
Warsh is set to speak at the Jackson Hole Economic Symposium later on Friday, with his address to be closely watched for more cues on interest rates.
Warsh has so far remained largely tight-lipped on the Fed’s plans for interest rates, but had earlier signaled that the central bank remained committed to its 2% annual inflation target.
PCE price index data– the Fed’s preferred inflation gauge– released this week showed prices remaining well above 2% in July. The print saw markets slightly increase bets on a rate hike by the Fed.
Warsh’s comments will also be watched in the wake of Treasury intervention in bond markets, after Secretary Scott Bessent announced a doubling in the Treasury’s bond buybacks.
Higher rates bode poorly for speculative assets like crypto, with Warsh’s comments likely to spur price action in the sector.
Crypto price today: Altcoins drift higher
Broader crypto prices drifted higher tracking Bitcoin, although caution ahead of Warsh limited overall gains.
World no.2 crypto Ether rose 0.3% to $2,501.33, while XRP rose 1.4%.
Solana outperformed with a 6% jump, while Cardano was flat. BNB added 1%.
Among memecoins, Dogecoin rose 1.4%, while $TRUMP surged 24%.
