The cryptocurrency market endured heavy losses over the weekend as Bitcoin, Ethereum, and Solana tumbled. Retail investors reeled from wild commodity swings and U.S. President Donald Trump’s nomination of his Federal Reserve chair choice.
Bitcoin, the largest cryptocurrency by market capitalisation, fell 6.1% in late Saturday trading to below $79,000. Ethereum dropped about 9% to $2,445.31, while Solana lost 9.9% at $105.50.
The decline followed Trump’s selection of Kevin Warsh to lead the Fed, boosting the U.S. dollar by easing fears over central bank independence. A stronger dollar often curbs bitcoin’s appeal as an alternative currency.
If Senate-confirmed, Warsh would succeed Chairman Jerome Powell, whose term ends in May. Trump has criticised Powell—particularly his reluctance to cut interest rates—since 2018.
Retail traders also absorbed Friday’s spot silver rout, the worst since March 1980. Spot silver shed 28% to $83.45 an ounce, with futures plunging 31.4% to $78.53.
The sell-off signals wider caution, with over $800 million in crypto positions liquidated. Bitcoin’s sensitivity to risk persists despite solid fundamentals like hash rate growth. Ethereum retains strength in stablecoins and asset tokenisation.