Why Are Bitcoin, Ethereum and XRP Prices Crashing Today?

Bitcoin has dropped to $77,901.87, down 3.1% over 24 hours, dragging Ethereum and XRP lower after Fed Chair Kevin Warsh delivered a hawkish message at the 2026 Jackson Hole Symposium, reviving expectations of a September rate hike.

What Warsh Said

Speaking live from Jackson Hole, Warsh described the Fed’s 2% price stability target as “a firm, fixed target,” adding that delivering stable prices is the Fed’s job, “no excuses.” He said the U.S. economy currently looks stronger than expected and that credit and loan markets show few signs of policy restraint. He characterized wage growth as moderate but not a reliable guide to future inflation, while noting medium-term inflation expectations remain largely stable.

Rate Hike Odds Surge

Warsh’s remarks put a September rate hike back on the table. Odds of the Fed holding rates steady fell from 71% to 50%, while the probability of a 25 basis point hike jumped from 30% to 49%. Rate-cut odds remained close to zero, at just 1%.

Market Reaction

• Bitcoin: $77,901.87, down 3.1% in 24 hours, market cap $1.56 trillion
• Ethereum: $2,444.00, down 3.1% in 24 hours, market cap $294.9 billion
• XRP: $1.39, down 5.0% in 24 hours, market cap $87.17 billion
• Solana: $104.81, down 1.9% in 24 hours, though still up 15.2% over 7 days
• Total crypto market cap: $2.74 trillion, down 2.2%