**[Bitcoin Rebound Faces Key Test: Market Focuses on Fed Chair Warsh's Policy Signals]** Odaily Planet Daily News – Crypto traders are closely monitoring Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Global Central Bank Annual Meeting, as the market seeks clues about the future direction of monetary policy and liquidity. Analysts expect Warsh to continue emphasizing his stance on combating inflation, but the Fed is unlikely to take rate hike actions before the U.S. midterm elections in the short term. Mark Connors, Chief Investment Officer at Risk Dimensions, stated that Warsh is more likely to discuss adjustments to the Fed's policy framework rather than signaling specific rate actions, predicting that "there will be no rate hikes before the midterm elections." Previously, Bitcoin has risen over the past 10 days, primarily driven by measures from the U.S. Treasury to suppress long-term interest rates and increase purchases of long-term U.S. Treasury bonds. Samir Kerbage, Chief Investment Officer at Hashdex, commented that Bitcoin's rise is "primarily a liquidity event," with its movement tied to global liquidity and changes in the long-term interest rate curve, rather than decisions from a single Fed meeting. Currently, the Federal Reserve's federal funds rate remains in the 3.50%-3.75% range, and the market continues to focus on inflationary pressures. In July, the U.S. Personal Consumption Expenditures Price Index (PCE) rose 3.7% year-on-year, exceeding the Fed's 2% target level, prompting some traders to increase expectations for a rate hike in September. Additionally, this year's Jackson Hole meeting theme centers on financial innovation, payments, and policy, with the crypto market paying close attention to whether stablecoins, tokenized deposits, and blockchain payment infrastructure will receive a more favorable regulatory stance. If Warsh views these technologies as part of financial system innovation rather than sources of risk, smart contract networks and tokenized payment protocols may gain greater attention. (CoinDesk)