Bitcoin, Ethereum and Solana Slide Sharply as Retail Investors React to Volatile Week
Bitcoin, Ethereum and Solana all fell sharply as retail investors reacted to a highly volatile trading week marked by wild swings in commodity prices and U.S. President Donald Trump’s announcement of his pick for the next Chair of the Federal Reserve.
In late Saturday trading, Bitcoin—the world’s largest cryptocurrency by market capitalization—fell below the USD 79,000 mark, down 6.1%. Ethereum dropped about 9% to USD 2,445.31, while Solana plunged 9.9% to USD 105.50.
The sell-off in digital assets followed Trump’s decision to nominate Kevin Warsh as Fed Chair, a move that strengthened the U.S. dollar by easing concerns over the central bank’s independence. A stronger dollar typically undermines bitcoin’s appeal as an alternative currency.
If confirmed by the U.S. Senate, Warsh would replace incumbent Fed Chair Jerome Powell, whose term ends in May. Trump has repeatedly criticized Powell, particularly over the Fed’s reluctance to cut interest rates sooner since Powell took office in 2018.
The downturn in cryptocurrencies marks the latest blow to retail investors, who had just endured a brutal sell-off in the silver market on January 30—the worst session since March 1980.
Spot silver prices plunged 28% to USD 83.45 per ounce, trading near the day’s lows. Meanwhile, silver futures tumbled 31.4%, settling at USD 78.53 per ounce.
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