Bitcoin approached the $81,000 level Thursday, trading at $80,236 after reaching $80,793 earlier in the day. The cryptocurrency has gained more than 2% in the past day and 10% over the past week.
The rally occurs as the financial sector prepares for the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Symposium, where Federal Reserve Chair Kevin Warsh will deliver a keynote speech on Friday. The symposium brings together central bankers, Federal Reserve officials, policymakers, and academics to discuss "Financial Innovation: Implications for Payments and Policy."
This year's event will address recent innovation in financial intermediation and payments, including cryptocurrencies and stablecoins. The speech will mark Warsh's first major address as Federal Reserve chairman.
Bitcoin's recent strength reflects several developments in the regulatory and monetary policy landscape. The crypto industry has welcomed progress on the proposed Crypto Clarity Act, which would establish a framework distinguishing between digital assets classified as securities, commodities, or payment stablecoins. While a vote on the legislation has been delayed until September, President Donald Trump last week described the bill as "very, very powerful" and urged lawmakers to advance it.
Additionally, U.S. Treasury Secretary Scott Bessent announced last week that the department would double the size of its long-dated bond buybacks. Lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and generally support risk-on sentiment.
