Cryptocurrency prices rose during trading on Thursday, as investors awaited a speech by Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium on Friday, looking for clues about the path of US interest rates in the coming period.
Bitcoin, the largest cryptocurrency by market capitalization, rose by more than 1% to trade above $79,500, heading towards gains of more than 20% during August, despite continuing to trade below its all-time highs.
Cryptocurrency markets are closely watching Warsh's remarks, given the sensitivity of high-risk assets to expectations of US monetary policy. Signals of continued monetary tightening could put pressure on cryptocurrencies, while expectations of interest rate cuts could bolster investor appetite for riskier assets.
The current gains come after a strong rally in cryptocurrencies in recent times, supported by improved risk appetite and investor flows into Bitcoin exchange-traded funds, along with a decline in US bond yields following the Treasury Department's moves to increase long-term debt repurchases.
In a related context, Changpeng Zhao, co-founder of Binance, said during the Bitcoin Asia 2026 conference in Hong Kong that Bitcoin will become a more important asset than gold over time, indicating the growing role of the cryptocurrency as an investment and hedging tool.
In trading, Bitcoin rose to $79,515.25, a 1.34% increase, while Ethereum climbed to $2,516.23, a 1.75% gain. Ripple also rose to $1.4216, registering a 3.10% increase.
Warsh’s speech remains the most prominent driver of market movements in the coming hours, especially as investors look for any new signals regarding interest rates and inflation.
