Cryptocurrencies Rally More Than 20% for the Week as Markets Await Warsh’s Jackson Hole Debut

Cryptocurrencies posted weekly gains of more than 20%, but the market paused ahead of Federal Reserve Chair Kevin Warsh’s first speech at Jackson Hole.

CoinDesk reported on August 24 that Bitcoin traded near $77,100 in early Asian hours. The token was down slightly from a day earlier but remained up more than 21% for the week.

XRP stood out the most on a weekly basis, climbing more than 46%. It fell more than 1% on the day to just below $1.50, but still recorded the biggest weekly gain among major cryptocurrencies. Ether rose 0.5% to $2,442 and was up 28% for the week, while Hyperliquid traded at $80, up 35% over the same period.

Dogecoin traded near $0.09, up 30% for the week. Solana changed hands at $94, up 24%. BNB traded at $697, marking a 15% weekly gain. Tron underperformed, rising 3.4% for the week to $0.344.

The market is now focused on this week’s Jackson Hole symposium. Warsh is set to appear there for the first time as Fed chair, with investors watching for any signal on the direction of interest rates. Jackson Hole is a venue where Fed chairs often hint at the policy outlook in a less formal setting than official meetings. Markets tend to treat the speech itself as a signal on rates.

High oil prices are adding to inflation pressures, while long-term Treasury yields remain near the highest levels in decades. That has left expectations for rate cuts coexisting with market tension. Lower rates tend to draw money into risk assets, including cryptocurrencies, while higher rates can increase the appeal of Treasuries and drive flows the other way.

Stocks moved in the opposite direction from cryptocurrencies. The MSCI Asia Pacific Index fell 1%. Samsung Electronics slumped 8.7% in Seoul trading after investors judged its $79.6 billion shareholder return plan fell short of expectations. Alibaba dropped 9.6% in Hong Kong after unveiling plans for a new share sale worth about $10.2 billion.