Bitcoin Regains Ground After $77K Dip, XRP Under Pressure

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The total crypto market cap shed over $80 billion after the Jackson Hole speech by Kevin Warsh.

Bitcoin’s price rally that drove it past $81,000 on a couple of occasions in the past week came to a halt after the hawkish stance by the new Fed Chair displayed yesterday, and the asset slipped to a five-day low of under $77,000.

Most altcoins followed suit, posting 3-5% daily declines. Ripple’s XRP, which recently peaked at $1.70, initiated another leg down, dropping below $1.40.

BTC Dips Below $77K
The primary cryptocurrency’s explosion that began on August 19 took it from under $65,000 to almost $80,000 in 48 hours last week, where it finally faced some resistance and slipped to $75,500 during the previous weekend. However, the bulls quickly regained control and pushed the asset north as the new business week began.

At first, BTC challenged the $80,000 level, which the bears managed to defend initially, but buyers were more persistent and drove bitcoin above it to $81,000 on Tuesday morning. It couldn’t keep climbing and retraced to $79,000 on Wednesday.

The bulls returned in full force on Thursday and Friday morning, pushing the cryptocurrency to another 15-week high of $81,500. Nevertheless, BTC was rejected once again, and the Jackson Hole speech didn’t bring any positives. Shortly after its conclusion, the hawkish stance by Warsh resulted in another leg down for bitcoin, dipping below $77,000 within an hour or so.

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