After Trump’s nomination of the new head of the Federal Reserve, the crypto market is under pressure. Precious metals such as gold and silver are also falling in price.
reuters/taz | The price of the cryptocurrency Bitcoin continued its downward slide on Saturday and fell below the $80,000 mark. The world’s largest cryptocurrency fell by 6.5 percent to $78,720 in the evening. The second largest cryptocurrency by market capitalization, Ether, also came under pressure. It was reduced by almost twelve percent to $2,388.
On Friday, the Bitcoin price had already fallen to $81,104, its lowest level since November 21, 2025. It continued to fall over the weekend and was trading at less than $79,000, its lowest level since the end of March 2025.
The strong dollar has recently proven to be a burden. The US currency had gained after the former central banker Kevin Warsh as the new head of the Federal Reserve was nominated by US President Donald Trump. Market participants fear that it could tighten the money supply in the financial system.
Gold and silver prices are also falling
Cryptocurrencies have struggled to find a clear direction since plunging last year. They were left behind by the strong gains in gold and stocks. Since its record high in October, Bitcoin has lost around a third of its value. This means that the prices are developing differently than what some investors had hoped for, who had relied on crypto-friendly regulation under US President Donald Trump.
Those too Gold and silver prices, which had recently risen sharply, fell significantly after the nomination of Kevin Warsh as the new Fed chief. Many investors expect his more restrictive monetary policy to strengthen the US dollar, which in turn puts pressure on the prices of assets such as precious metals.
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