Bitcoin billboard in Times Square, New York, December 9, 2025.
Michael Nagle | Bloomberg | Getty Images
Bitcoin, Ethereum and Solana fell as retail traders digested a busy market week that saw wild volatility in commodities and President Donald Trump’s long-awaited announcement on the pick of the next Federal Reserve Chairman.
In late trading on Saturday, Bitcoin, the world’s largest cryptocurrency by market value, fell 6.1% to below $79,000. Ethereum It fell about 9% to $2,445.31, while Solana It fell 9.9% to $105.50.
The drop in cryptocurrencies came after President Trump elected Kevin Warsh to the Federal Reserve Board, easing concerns about central bank independence and boosting the dollar. A stronger dollar could make Bitcoin less attractive as an alternative currency among investors.
If confirmed by the U.S. Senate, Warsh will replace incumbent Chairman Jerome Powell. Chairman Powell’s current term ends in May. President Trump has criticized Powell, especially his reluctance to cut interest rates, since he took over as Fed chair in 2018.
The drop in cryptocurrencies was the latest blow to retail investors, who suffered a sharp selloff in physical silver on Friday, the worst day for the market since March 1980.
Spot silver fell 28% to $83.45 an ounce, trading near the day’s lows. Silver futures plunged 31.4% to settle at $78.53.
