Bitcoin, Ethereum, and Solana experienced declines as retail traders processed a tumultuous week in the market marked by drastic fluctuations in commodities and a long-anticipated announcement by President Donald Trump regarding his selection for the upcoming Federal Reserve chairmanship.
During late trading on Saturday, bitcoin, the world’s leading cryptocurrency by market capitalization, fell below $79,000, a decrease of 6.1%. Ethereum dropped around 9% to $2,445.31, whereas Solana fell by 9.9% to $105.50.
The downturn in cryptocurrency follows Trump’s appointment of Kevin Warsh as the head of the Fed, which supported the U.S. dollar and alleviated worries regarding the central bank’s autonomy. The strength of the dollar could diminish bitcoin’s allure as an alternative currency for investors.
If confirmed by the U.S. Senate, Warsh would succeed current Chairman Jerome Powell. Powell’s tenure as chair is set to conclude in May. Trump has criticized Powell — especially regarding his reluctance to lower interest rates — since Powell’s appointment in 2018.
The downturn in cryptocurrency represents another setback for retail investors, who have faced a significant selloff in spot silver on Friday, marking the worst day for the market since March 1980.
Spot silver was down 28% at $83.45 per ounce, trading close to its daily lows. Silver futures crashed 31.4% to close at $78.53.
