Bitcoin fell below $78,000 after Federal Reserve Chair Kevin Warsh used his first Jackson Hole Economic Symposium speech since assuming leadership to emphasize that inflation remained above the Fed’s 2% target and provide no forward policy guidance. Bitcoin traded near $79,500 before the speech, slipped to about $78,500 during it, then lost roughly $3,000 in the following hour, reaching $76,845.71 before recovering to approximately $77,955 on Coinbase, down 3% in 24 hours but up 0.7% over seven days. More than $200 million in leveraged positions were liquidated, according to CoinGlass data. Ether, Solana, XRP, BNB, ADA, XLM and Bitcoin Cash also declined. Rate-market estimates varied by source and timestamp: CME FedWatch put the probability of a September 15-16 increase at 55.7%, up from 35.4% a day earlier, while a later Polymarket snapshot showed 69% odds of no change and 28% odds of a quarter-point increase. U.S. and U.K. equities initially rose before the S&P 500 and Nasdaq Composite turned lower, while U.S. spot bitcoin ETFs received $1.13 billion during the week’s first four sessions.