Bitcoin is holding near $77,000 this morning after a 22% weekly rise, while XRP and Zcash have pulled back from their recent runs. The focus is now shifting to Fed Chair Warsh's first Jackson Hole speech, which could set the tone for the coming weeks.
Bitcoin's weekly surge
The rally has been a straight shot - bitcoin gained a fifth of its value in seven days and is now parked above $77,000. It's a notable move that has brought renewed attention to the crypto market, which had been moving in a tight range for much of the month. The weekly gain is one of the biggest in recent months, and the price is holding onto it rather than fading.
Altcoins take a breather
Not everything is moving up. XRP and Zcash both pulled back today after a strong weekly performance. Both coins had rallied sharply, but the buying has stalled. The pullback is modest, but it's the first sign of weakness in a market that was running hot. It's also a reminder that the rally hasn't been uniform - some coins are leading, others are lagging.
Jackson Hole awaits
The next big test is Jackson Hole, the Fed's annual gathering in Wyoming. Chair Warsh is set to speak for the first time since taking the job, and his remarks are expected to be the biggest event for markets this week. For crypto traders, the key is any signal on interest rates. The Fed's rate path has been the main driver of risk assets, including digital currencies, and Warsh's comments could move prices just as much as any technical level.
The pullback in XRP and Zcash is a reminder that the rally isn't uniform. But with bitcoin holding its gains and Warsh's speech coming up, the market's immediate direction is in the hands of the Fed.
