Bitcoin Price Crashes Below $76K as Kevin Warsh Sworn In as Next Fed Chair

Bitcoin’s seemingly stable and dull price moves over the past couple of days came to an end hours ago as the asset initiated a notable leg down that drove it to a new multi-week low of well under $76,000.

The latest rejection came just hours after Kevin Warsh officially became the seventeenth Chairman of the United States Federal Reserve.

He was sworn in on Friday at the White House for the four-year role. US President Donald Trump said he expects Warsh to “go down as one of the truly great Chairmen of the Federal Reserve that we have ever had, I really believe that.”

The POTUS also added that Warsh will be “totally independent,” which was rather contradictory to some of his previous statements regarding the former Fed Chair, as Trump urged Powell countless times to cut the rates and called him different names in the past year and a half.

As mentioned above, bitcoin’s price started to nosedive shortly after the ceremony concluded, and dropped from almost $78,000 to $75,500 minutes ago, which became its lowest level since April 30.

Many altcoins have followed suit, with ETH dumping toward $2,050, XRP losing the $1.35 support, and SOL dropping below $85. The total value of wrecked positions is up to $485 million according to CoinGlass, with more than $430 million coming from longs.

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