Bitcoin The price continued to retreat late Thursday in US hours, falling to a low of $81,000 before bouncing back to the current $82,000.
The world’s largest cryptocurrency has lost almost $10,000 in the last 24 hours of trading. According to CoinGlass, more than $777 million worth of long cryptocurrencies were liquidated in the last hour, and that sum increased to $1.75 billion in the last 24 hours.
The broader cryptocurrency market also saw prices plummet between 7% and 9% in the last 24 hours, with ether hovering around $2,700, BNB around $843 and XRP about $1.74.
Read more: Bitcoin is at $84,000 for now, but analysts warn of a drop to $70,000 if support fails
An analysis by CoinDesk suggested that a bitcoin price drop below $85,000 would suggest a further collapse.
At current levels, bitcoin is barely holding above its November low of just under $81,000. Beyond that, the next level of support could be the April 2025 tariff-related low of $75,000.
Traders may be reacting to reports that US President Donald Trump will nominate former Federal Reserve Board member Kevin Warsh to replace current Federal Reserve Chairman Jerome Powell. Trump said Thursday night that he would name his nominee on Friday morning, a day after criticizing Powell and the Federal Reserve for not choosing to cut rates.
Polymarket’s odds on Warsh being the nominee have shot up to 87% from just 37% two hours ago. Before the odds increased for Warsh, BlackRock fixed income chief Rick Rieder (some thought a more moderate pick) was considered to have the frontrunner for the nomination.
Warsh was at the White House on Thursday, CNBC reported.
