Bitcoin fell below $77K and XRP dropped below $1.40 following hawkish Federal Reserve signals at Jackson Hole, wiping $80B from total crypto market cap.
Macro & Markets ·
Bitcoin retreated below $77,000 after climbing to $81,500 earlier in the week, following hawkish signals from the Federal Reserve. The pullback came shortly after the Jackson Hole speech, with the asset sliding more than 2% on the day. XRP fell below $1.40 from a recent high of $1.70, while most altcoins posted 3–5% daily declines, including drops in Ethereum, BNB, Solana, and Dogecoin.
The total cryptocurrency market cap contracted by $80 billion to $2.720 trillion as selling pressure swept across the sector. Bitcoin's market capitalization declined to $1.555 trillion, though its dominance over altcoins remained above 57%. Several major assets struggled at key technical levels—Ethereum faced rejection at $2,500 and now trades near $2,430, while Bitcoin Cash slumped more than 7% to under $250.
It remains unclear whether support levels will hold or whether further deterioration may follow if Fed messaging continues to weigh on risk sentiment. The extent to which this pullback represents a correction within a broader uptrend or a more sustained reversal has not yet been determined.