President Donald Trump announced pro-bitcoin Kevin Warsh as his nominee to serve as chairman of the Federal Reserve, confirming speculation from prediction markets.
The bitcoin price fell to $86,000 over the weekend but has steadied to around $87,850 amid caution over Federal Reserve policy, recent liquidations, and technical pressure.
The Federal Reserve cut its benchmark interest rate by 25 basis points to 3.50%–3.75% to support maximum employment and curb somewhat elevated inflation amid moderate economic growth and slowing job gains.
Bitcoin fell over 3% to around $107,000 on Thursday as traders continued to react to Powell’s cautious outlook on rate cuts and renewed U.S.–China trade tensions.