Bitcoin’s recent stretch of quiet, range-bound trading ended abruptly hours ago, as the cryptocurrency plunged to a fresh multi-week low below $76,000.
The sudden sell-off occurred shortly after Kevin Warsh was officially sworn in as the seventeenth Chair of the United States Federal Reserve.
Warsh took the oath of office Friday at the White House for a four-year term. President Donald Trump praised the new Chair, saying he expects Warsh to “go down as one of the truly great Chairmen of the Federal Reserve that we have ever had, I really believe that.”
The president also remarked that Warsh will be “totally independent,” a comment that appeared at odds with earlier public pressure on previous Fed leadership—when Trump repeatedly urged former Chair Jerome Powell to cut interest rates and frequently criticized him.
“I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models and upholding clear standards of integrity and performance,” Warsh said.
Minutes after the swearing-in ceremony concluded, bitcoin began to slide, falling from roughly $78,000 to about $75,500 — its lowest level since April 30. The move erased recent gains and dashed a period of subdued price action.
The downturn in bitcoin also rippled across the altcoin market. Ethereum declined toward $2,050, XRP lost support around $1.35, and Solana slipped below $85. Widespread liquidations accompanied the sell-off: CoinGlass recorded roughly $485 million in liquidated positions, with more than $430 million coming from long positions.
Market participants will be watching how the new Fed chair’s policies and comments influence macro conditions and risk assets in the coming days, as traders reassess positioning after the sudden drop.