Bitcoin slips below $79,000 as markets weigh silver sell-off and Trump’s Fed chair pick, capping a turbulent week for digital assets and commodities alike. Major cryptocurrencies fell sharply as retail investors reacted to volatile price moves across markets and fresh signals from Washington.
Bitcoin, Ethereum, and Solana all moved lower as traders absorbed a whirlwind of developments—including dramatic swings in precious metals and a long-awaited announcement from President Donald Trump regarding the next leader of the U.S. central bank.
Late Saturday, bitcoin—the world’s largest cryptocurrency by market value—dropped below the $79,000 mark, sliding 6.1%. Ethereum fell roughly 9% to $2,445.31, while Solana tumbled nearly 10% to $105.50, underscoring the broad-based pullback across the crypto complex.
Fed Leadership Change Fuels Dollar Strength
The downturn in cryptocurrencies followed Trump’s decision to tap Kevin Warsh to lead the Federal Reserve. The announcement buoyed the U.S. dollar by easing investor concerns about the Fed’s independence—an outcome that often pressures bitcoin, which some investors view as an alternative to fiat currencies.
If confirmed by the U.S. Senate, Warsh would succeed current Chair Jerome Powell, whose term ends in May. Trump has repeatedly criticized Powell since 2018, particularly over the Fed’s reluctance to cut interest rates.
Silver’s Historic Rout Adds to Market Jitters
Crypto losses compounded the pain for retail investors already reeling from a brutal sell-off in silver. Spot silver plunged 28% on Friday—its worst single-day drop since March 1980—trading near $83.45 an ounce. Silver futures fared even worse, collapsing 31.4% to settle at $78.53.
Together, the crypto slump and the historic silver rout highlight how sensitive markets remain to shifts in policy expectations and sudden moves in commodities. For now, investors appear cautious, reassessing risk as macro signals and market volatility collide.
