To The Moon

On August 28, 2026, during Asian trading hours, Bitcoin's price retreated to trade below the $80,000 mark, recording a decline of nearly 2% over the past 24 hours. Market participants are closely monitoring Federal Reserve Chair Kevin Warsh's debut keynote speech at the Jackson Hole global central bank symposium later that evening, seeking clarity on the policy trajectory. In the preceding session, Bitcoin had briefly touched a high of $81,280 before sliding to around $79,800.

Among major cryptocurrencies, Solana emerged as the strongest performer, surging over 4% in 24 hours to approach $101, bringing its weekly gain to 20%. Ethereum edged up more than 1% to $2,492, XRP climbed nearly 2% to $1.43, BNB advanced over 1% to $714, TRON posted a modest gain of less than 1%, and Dogecoin held steady around $0.09. HYPE was the only major token to slip, easing less than 1% to $82.

On a weekly basis, most major cryptocurrencies have posted significant gains. Ethereum and XRP both rose close to 11% week-over-week, Dogecoin climbed 16%, and HYPE added 12%. Within the top 100 tokens by market capitalization, Ethena's ENA led the charge, jumping 6% on the day and 45% for the week, fueled by a governance vote approving protocol revenue buybacks and a restructuring plan for venture capital token unlocks.

Capital inflows continue to underpin the market. U.S. spot Bitcoin exchange-traded products have now recorded eight consecutive days of net inflows, accumulating $2.8 billion in total—the longest such streak since April of this year. August inflows have already surpassed $3 billion, and if the final trading day maintains net buying, it would mark the largest monthly intake since the product's inception.

On the macro front, geopolitical developments have eased energy-driven inflation pressures. Iran and Oman reached an agreement on the management of the Strait of Hormuz, prompting international oil prices to pull back. Brent crude fell below $90 per barrel, down more than 5% on the week, offering the Federal Reserve some breathing room on rate decisions. In fixed income, the 10-year Treasury yield stood at 4.67%, down 7 basis points on the week, while the 2-year yield was at 4.23%. The dollar index hovered above the 99 level, and spot gold dipped to $4,587 per ounce.

In equities, Nvidia provided second-quarter revenue guidance of $96.2 billion, with third-quarter expectations surpassing $105 billion, driving its shares up 9% and adding $442 billion to its market cap. The Nasdaq index closed 1.3% higher. Reports indicate Nvidia has paused certain financing initiatives that previously provided credit support to AI cloud service providers in exchange for revenue sharing.

Market analysts suggest limited downside from here. Joel Kruger, market strategist at LMAX Group, noted that the May high sits just below $83,000, and the current pullback should be contained around that level. Analysts at Bitfinex observed that spot demand is absorbing selling pressure in the $77,100–$80,000 range above current prices.

Interest rate futures pricing implies a 35% probability of a rate hike in September, while a December hike is fully priced in. Despite rising rate expectations, Bitcoin still posted a weekly gain of 9%, and this divergence is seen as a key risk point ahead of Warsh's address. The Fed chair is scheduled to speak at 7:30 PM India time, with investors parsing his remarks for policy cues ahead of the September 16 Federal Open Market Committee meeting.