Bitcoin’s (BTC) surge over the past ten days came after Scott Bessent and his Treasury Department took steps to cap or lower long-term interest rates. The Federal Reserve, though, may have the final say on whether the rally holds or crypto markets give back their recent gains.

The Kansas City Fed’s annual Jackson Hole symposium kicked off Wednesday and wraps up with Chairman Kevin Warsh taking the stage Friday morning. He arrives at a crucial moment for markets, with inflation still running well above the Fed’s 2% target, and long-term borrowing costs near multi-year highs as investors try to gauge whether another rate hike is coming.

The Fed has kept its benchmark fed funds rate range steady at 3.50%-3.75% in recent months, while talking…