Bitcoin price fell below $77,000 after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole, warning that inflation remains too high. BTC dropped to $76,845, wiping out heavily leveraged positions and pushing total crypto liquidations to $478 million.

The sharp move came as traders worried that higher rates could keep pressure on risk assets.

Warsh Keeps Inflation Fight in Focus

During the speech, Kevin Warsh made it clear that inflation remains the Fed’s main concern. He pointed to PCE and CPI inflation, saying both are still above the Fed’s 2% target.

While recent inflation data was better than expected, Warsh said it was not enough to show that inflation is improving in a lasting way.

Warsh said,…