Bitcoin’s price continued to pull back in late Thursday evening U.S. hours, tumbling 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 over the past hour, with that sum rising to $1.75 billion over the past 24 hours, according to CoinGlass.
The broader cryptocurrency market likewise saw prices tank by 7% to 9% over the past 24 hours, with ether hovering around $2,700, BNB around $843, and XRP around $1.74.
Read more: Bitcoin holds $84,000 — for now — but analysts warn of drop to $70,000 if support fails
A CoinDesk analysis suggested that bitcoin’s price falling below $85,000 would suggest a further collapse.
At current levels, bitcoin is barely hanging on above its November low, just under $81,000. Beyond that, the next level of support could be the tariff-related April 2025 low of $75,000.
Traders may be reacting to reports that U.S. President Donald Trump will nominate former Federal Reserve Board member Kevin Warsh to replace current Fed Chair Jerome Powell. Trump said late Thursday he would name his nominee on Friday morning, a day after lambasting Powell and the Fed for not choosing to reduce rates.
Polymarket odds on Warsh being the nominee have soared to 87% versus just 37% two hours ago. Prior to the surge in odds for Warsh, BlackRock fixed-income chief Rick Rieder — thought by some to be a more dovish selection — was considered to maybe have the inside track to the nomination.
Warsh was at the White House on Thursday, CNBC reported.