Bitcoin again neared $81,000 on Thursday before pulling back, capping a stellar week for the coin. The move comes ahead of Federal Reserve Chair Kevin Warsh's first major speech as chairman, delivered Friday at the Fed's Jackson Hole symposium, where he is expected to address digital payments and crypto.
Bitcoin again closed in on the $81,000 mark on Thursday before dropping again as its stellar week continued. The leading cryptocurrency was recently trading for $80,236 after notching as high as $80,793 earlier in the day in New York.
The coin is up more than 2% over the past day after gaining 10% in a week.
Warsh set to address crypto at Jackson Hole
The rise comes ahead of Federal Reserve Chair Kevin Warsh's keynote on Friday, where he is expected to talk about digital payments — including crypto. The Federal Reserve Bank of Kansas City will hold the annual event at Jackson Hole, Wyoming, where central bankers, Fed officials, policymakers and academics will gather to discuss "Financial Innovation: Implications for Payments and Policy."
According to the Kansas City Fed, this year's event will touch on new technologies such as cryptocurrencies and stablecoins. It will be Warsh's first major speech as chairman. Warsh has made pro-Bitcoin statements in the past and has been reluctant to lower interest rates, even as President Donald Trump, who nominated him, has pushed for borrowing costs to come down. Bitcoin in the past has done well in a low interest rate environment.
Regulatory momentum and Treasury moves add tailwinds
Bitcoin's run started last week when it sustained its biggest run in years following positive regulatory news and an announcement from the U.S. Treasury. A vote on the long-awaited crypto Clarity Act has been delayed until September, but Trump last week called the bill a "very, very powerful" piece of legislation and urged lawmakers to get it over the line. The proposed law would establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins — a framework the crypto industry has long called for.
U.S. Treasury Secretary Scott Bessent also last week announced the department would double the size of its long-dated bond buybacks. The news sent yields down lower; lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and gold, and generally support risk-on sentiment.
Source: Bitcoin Magazine
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