Bitcoin continued to slide late Thursday during U.S. trading hours, falling to as low as $81,000 before rebounding modestly to around $82,000.
The world’s largest cryptocurrency has now shed nearly $10,000 over the past 24 hours, putting it at risk of breaking below its November low just under $81,000. Liquidations accelerated sharply during the selloff, with more than $777 million in crypto long positions wiped out in the past hour alone. Total liquidations over the past 24 hours have reached roughly $1.75 billion, according to CoinGlass.
Losses were widespread across the broader cryptocurrency market, which declined between 7% and 9% over the same period. Ether hovered near $2,700, while BNB traded around $843 and XRP around $1.74.
At current levels, bitcoin is clinging to support just above its November low. A decisive break lower could open the door to a test of the next major support zone near $75,000, corresponding to the tariff-driven April 2025 low.
Market participants may be responding to reports that U.S. President Donald Trump is preparing to nominate former Federal Reserve Board member Kevin Warsh to replace current Fed Chair Jerome Powell. Trump said late Thursday that he would announce his nominee Friday morning, a day after sharply criticizing Powell and the Federal Reserve for not cutting interest rates.
Betting markets quickly repriced the odds. Polymarket now shows an 87% probability that Warsh will be nominated, up from just 37% two hours earlier. Before the surge in Warsh’s odds, BlackRock fixed-income chief Rick Rieder — viewed by some as a more dovish alternative — had been considered a potential front-runner.
