Bitcoin, Ethereum, and Solana slumped on Saturday as retail traders digested a busy market week that saw wild swings in commodities and a long-awaited announcement by President Donald Trump on his choice for the next Federal Reserve chairman.
In afternoon trading, Bitcoin, the world’s largest cryptocurrency by market value, sank below $78,000, down 7.6%. Ethereum
slid about 11% to $2,382.57, while Solana
lost 13% at $101.91.
The slide in crypto comes in the wake of Trump’s selection of Kevin Warsh to lead the Fed, which bolstered the U.S. dollar as it eased concerns about the central bank’s independence. Dollar strength may reduce bitcoin’s appeal among investors as an alternative currency.
