- Published on
Bitcoin under $80,000, solana leads majors higher before Warsh's Jackson Hole debut
- Authors
- Name
- DeepHorus
Bitcoin slipped below the $80,000 mark in Asian trading on Friday, a pullback following an overnight peak of $81,280. The move came as traders positioned themselves ahead of Federal Reserve Chair Kevin Warsh's inaugural keynote address at the Jackson Hole symposium later in the day. Despite the short-term dip, the world's largest cryptocurrency posted a gain of nearly 2% over the past 24 hours.
This recent activity caps a strong week for the digital asset market, with Bitcoin adding 9% and Solana surging a remarkable 20%. The rally has been significantly supported by robust institutional demand, evidenced by eight consecutive days of net inflows into U.S. spot Bitcoin ETFs. These inflows totaled $2.8 billion, marking the longest positive streak since April and pushing August's total above $3 billion, potentially setting a record for 2026.
Solana led the major cryptocurrencies, climbing over 4% in the last day to trade near $101. Ether, XRP, and BNB also saw modest gains, while HYPE was the sole top performer in the red. A standout move came from Ethena's ENA token, which rocketed 45% over the week following a governance vote to direct protocol revenue toward token buybacks.
Market analysts are watching the Federal Reserve closely, with futures currently pricing in a 35% probability of a rate increase in September. This hawkish sentiment creates a notable divergence with Bitcoin's strong weekly performance, setting up a key risk into Warsh's speech. His address is highly anticipated as it will provide the first major clue to his policy direction before the September FOMC meeting.
Geopolitical and macroeconomic factors also played a role, with oil prices easing after a deal between Iran and Oman regarding the Strait of Hormuz. The 10-year Treasury yield held steady at 4.67%, and the dollar index remained just above 99. Meanwhile, Nvidia's massive quarterly revenue report and positive forecast helped lift the Nasdaq, adding to the complex financial backdrop.
Looking ahead, traders are assessing whether Bitcoin can hold its gains against the potential for higher interest rates. Some strategists suggest that pullbacks may be limited, pointing to the $83,000 level as a key resistance. The market's reaction to Warsh's remarks will be crucial in determining the short-term trajectory for cryptocurrencies and risk assets broadly.
