Bitcoin The price continued to decline Thursday evening in the United States, falling as low as $81,000 before rebounding to the current level of $82,000.
The world’s largest cryptocurrency has lost almost $10,000 in the last 24 hours of trading. More than $777 million worth of crypto longs were liquidated in the last hour, with that amount rising to $1.75 billion in the last 24 hours, according to CoinGlass.
The broader cryptocurrency market has also seen prices fall 7% to 9% over the past 24 hours, with ether hovering around $2,700, BNB around $843 and XRP about $1.74.
Read more: Bitcoin holds $84,000 – for now – but analysts warn of a fall to $70,000 if support fails.
An analysis by CoinDesk suggested that if the price of Bitcoin fell below $85,000, it would suggest a further collapse.
At current levels, bitcoin is barely holding above its November low, just below $81,000. Beyond that, the next level of support could be the April 2025 lowest tariff level of $75,000.
Traders may be reacting to reports that US President Donald Trump will nominate former Federal Reserve member Kevin Warsh to replace current Fed Chairman Jerome Powell. Trump said Thursday evening that he would name his nominee Friday morning, a day after lambasting Powell and the Fed for not choosing to cut rates.
Polymarket’s odds of Warsh being the nominee have jumped to 87%, up from just 37% two hours ago. Before the ratings boost for Warsh, BlackRock fixed income chief Rick Rieder — seen by some as a more dovish choice — was seen as possibly having a path to the nomination.
Warsh was at the White House on Thursday, CNBC reported.
