BTC Recovers From Sub-$77K Dip, XRP Drops Below $1.40: Weekend Watch

The total crypto market cap shed over $80 billion after the Jackson Hole speech by Kevin Warsh. Bitcoin’s price rally that drove it past $81,000 on a couple of occasions in the past week came to a halt after the hawkish stance by the new Fed Chair displayed yesterday, and the asset slipped to a five-day low of under $77,000. Most altcoins followed suit, posting 3-5% daily declines. Ripple’s XRP, which recently peaked at $1.70, initiated another leg down, dropping below $1.40. BTC Dips Below $77K The primary cryptocurrency’s explosion that began on August 19 took it from under $65,000 to almost $80,000 in 48 hours last week, where it finally faced some resistance and slipped to $75,500 during the previous weekend. However, the bulls quickly regained control and pushed the asset north as the new business week began. At first, BTC challenged the $80,000 level, which the bears managed to defend initially, but buyers were more persistent and drove bitcoin above it to $81,000 on Tuesday morning. It couldn’t keep climbing and retraced to $79,000 on Wednesday. The bulls returned in full force on Thursday and Friday morning, pushing the cryptocurrency to another 15-week high of $81,500. Nev...