Bitcoin signage in Times Square in New York on December 9, 2025.
Michael Nagle | Bloomberg | Getty Images
Bitcoin, Ethereum and Solana slumped as retail traders digested a busy market week that saw wild commodity swings and a long-awaited announcement from President Donald Trump on his pick for the next Federal Reserve chairman.
In late trading Saturday, bitcoin, the world’s largest cryptocurrency by market value, fell below $79,000, down 6.1%. Ethereum slipped about 9% to $2,445.31, while Solana lost 9.9% to $105.50.
The decline in cryptocurrencies follows Trump’s selection of Kevin Warsh to lead the Fed, which strengthened the U.S. dollar while easing concerns about the central bank’s independence. The strong dollar could reduce bitcoin’s appeal to investors as an alternative currency.
If confirmed by the U.S. Senate, Warsh would replace incumbent Jerome Powell. Powell’s current term as president ends in May. Trump has criticized Powell – particularly regarding his reluctance to cut interest rates – almost since the Fed chair took office in 2018.
The decline in cryptocurrencies is the latest blow to retail investors, who were shaken by a sharp sell-off in spot silver on Friday, the worst day for the market since March 1980.
Spot silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver futures fell 31.4% to $78.53.
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