Bitcoin dips below $78,000 as market digests silver sell-off, Trump's Fed chair pick

January 31, 2026

TL;DR

Bitcoin, Ethereum, and Solana prices fell on Saturday.
The decline occurred after a week of wild swings in commodities and President Trump's announcement regarding the Federal Reserve chairman.
Trump nominated Kevin Warsh to lead the Fed, which boosted the U.S. dollar and eased concerns about the central bank's independence.
Dollar strength may decrease the appeal of Bitcoin as an alternative currency.
Kevin Warsh would replace Jerome Powell if confirmed by the U.S. Senate; Powell's term ends in May.
Trump has previously criticized Powell for not reducing interest rates.
The crypto slide follows a sharp selloff in spot silver on Friday, the market's worst day since March 1980.
Spot silver was down 28%, and silver futures plummeted 31.4%.

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