Crypto holds big weekly rally as Warsh’s Jackson Hole debut comes into focus

Bitcoin eased to just above $77,100 in Asian morning hours Monday, down marginally on the day but up over 21% on the week, as traders held off ahead of Federal Reserve Chair Kevin Warsh's first Jackson Hole address.

Warsh speaks at Jackson Hole this week in his first appearance there as chair, with traders looking for direction on rates while high oil prices feed inflation and long-dated yields sit near multi-decade highs.

Jackson Hole is an annual gathering where the Fed chair traditionally signals where policy is heading — in a setting less constrained than a formal meeting — which is why markets treat the speech as a rate signal in itself.

Lower rates make borrowing cheaper and push investors toward riskier assets including crypto, while higher rates do the opposite by making safe government debt pay more for less risk.