Bitcoin dips below $78,000 after silver selloff

Bitcoin, Ethereum and Solana fell on Saturday as retail traders digested a busy market week that saw wild swings in commodities and President Donald Trump’s long-awaited announcement of his pick for the next Federal Reserve chairman.

In afternoon trading, Bitcoin, the world’s largest cryptocurrency by market cap, fell 7.6% to below $78,000. Ethereum It dropped nearly 11% to $2,382.57. solana It lost 13% to $101.91.

The cryptocurrency’s decline came after Trump chose Kevin Warsh to lead the Fed; This supported the US dollar while easing concerns about central bank independence. The strength of the dollar could reduce Bitcoin’s appeal among investors as an alternative currency.

If confirmed by the U.S. Senate, Warsh would replace incumbent Chairman Jerome Powell. Powell’s current term as chairman will end in May. Trump has criticized Powell almost since the Fed chairman took office in 2018, particularly over his reluctance to cut interest rates.

The crypto’s decline is the latest blow to retail investors who were shaken by a sharp selloff in spot silver on Friday, the market’s worst day since March 1980.

Spot silver traded near the day’s lows, down 28% at $83.45 per ounce. Silver futures closed at $78.53, down 31.4%.