CoinDesk
Bitcoin held above $77,100 in Asian morning trading after gaining more than 21% over the week. XRP led the move, rising more than 46% to just under $1.50, while Ether gained almost 28%, Dogecoin 30%, Solana 24% and Hyperliquid's HYPE more than 35%. The rally now faces a macro test as Federal Reserve Chair Kevin Warsh prepares for his first Jackson Hole address. Asian equities moved the other way, with MSCI's Asia Pacific gauge down 1%.
Why it matters
Jackson Hole is an annual gathering where the Fed chair traditionally signals policy direction in a setting less constrained than a formal meeting. Traders want Warsh's read on interest rates as high oil prices feed inflation and long-dated yields sit near multi-decade highs.
Lower rates make borrowing cheaper and can push investors toward crypto. Higher rates make government debt more attractive. The 10-year Treasury yield eased two basis points to 4.71% ahead of a fiscal consolidation plan from Treasury Secretary Scott Bessent, while Brent crude fell 1.3% to about $93.20.
Market impact
The move has breadth beyond Bitcoin. XRP is the standout, while Ether trades at $2,442, HYPE at $80, Solana at $94 and BNB at $697. Tron lagged at $0.344 with a 3.4% weekly gain. Monday's mixed trading reflected caution ahead of the speech.
The contrast with equities is notable. Samsung fell 8.7% after a shareholder-return plan of up to 110 trillion won, Alibaba dropped 9.6% after an HK$80 billion share sale, and SoftBank slipped 4.9% after a ¥1 trillion retail bond offering. A supportive rate signal could extend the crypto bid, while a hawkish read would test its durability.
Frequently asked questions
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Why is Kevin Warsh's Jackson Hole speech important for crypto traders?
Jackson Hole is where the Fed chair traditionally signals policy direction in a setting less constrained than a formal meeting. Traders are looking for Warsh's interest-rate guidance.
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Which cryptocurrency led the weekly rally?
XRP was the standout, gaining more than 46% over the week to just under $1.50. Bitcoin gained more than 21% and held above $77,100.
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How did major Asian equity markets perform during the crypto rally?
MSCI's Asia Pacific gauge fell 1%. Samsung dropped 8.7%, Alibaba 9.6% and SoftBank 4.9% amid financing and shareholder-return concerns.
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What macro pressures could challenge crypto's risk appetite?
High oil prices are feeding inflation concerns, while long-dated yields remain near multi-decade highs. The 10-year Treasury yield eased two basis points to 4.71% and Brent crude fell 1.3% to about $93.20.
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How could different Fed signals affect the rally?
A supportive rate signal could extend the crypto bid by reinforcing risk appetite. A hawkish read would test whether gains can hold while broader risk assets remain cautious.
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