Bitcoins The price continued to retreat late Thursday evening in the US, falling to as low as $81,000 before bouncing to the current $82,000.
The world’s largest cryptocurrency has now lost nearly $10,000 over the past 24 hours of trading. More than $777 million in crypto longs were liquidated in the past hour, with the amount rising to $1.75 billion over the past 24 hours, according to CoinGlass.
The broader cryptocurrency market also saw prices rise 7% to 9% over the past 24 hours, with ether hovers around $2,700, BNB around $843 and XRP around $1.74.
Read more: Bitcoin Holds $84,000 – So Far – But Analysts Warn of Fall to $70,000 If Support Fails
A CoinDesk analysis suggested that bitcoin’s price falling below $85,000 would signal a further collapse.
At current levels, bitcoin is barely hanging on from its November low, just below $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 Fed Chairman Jerome Powell. Trump said late Thursday that he would name his nominee on Friday morning, a day after lambasting Powell and the Fed for not choosing to cut interest rates.
Polymarket odds of Warsh being the nominee have risen to 87%, up from just 37% two hours ago. Prior to the increase in odds for Warsh, BlackRock fixed-income chief Rick Rieder — considered by some to be a more dovish choice — was considered to perhaps have the inside scoop on the nomination.
Warsh was at the White House on Thursday, CNBC reported.
