Bitcoin signage in Times Square in New York on December 9, 2025.
Michael Nagle | Bloomberg | Getty Images
Bitcoin, Ethereum and Solana slumped on Saturday as retail traders digested a busy market week that saw wild commodity swings and a long-awaited announcement from the president. Donald Trump on his choice for the next Federal Reserve president.
In the afternoon discussions, Bitcointhe world’s largest cryptocurrency by market value, fell below $78,000, down 7.6%. Ethereum slipped about 11% to $2,382.57, while Solana lost 13% to $101.91.
Crypto Fall Follows Trump’s selection of Kevin Warsh to lead the Fed, which strengthened American dollar as this eased concerns about the independence of the central bank. The strong dollar could reduce bitcoin’s appeal to investors as an alternative currency.
If confirmed by the US Senate, Warsh would replace the sitting president Jerome Powell. Powell’s current term as president ends in May. Trump has criticized Powell – particularly over his reluctance to cut interest rates – almost since the Fed chairman took office in 2018.
The crypto drop is the latest blow to retail investors, who have been shaken by a sharp sell-off in silver stain Friday, the worst day for the market since March 1980.
Spotted silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver Futures collapsed 31.4% to settle at $78.53.