Coindesk analyzed that the cryptocurrency market saw a downturn after Kevin Warsh, nominated as a candidate for the US Federal Reserve (Fed) chairman, stated that US President Donald Trump had never demanded an interest rate cut. Bitcoin was trading slightly below $77,000 but fell to the $75,000 level during Kevin Warsh's hearing. This reflected the overall market trend, with the Nasdaq and S&P 500 also showing a decline. In this regard, Matt Mena, an analyst at 21Shares, a cryptocurrency ETP issuer, stated, "While Kevin Warsh's remarks suggested a somewhat lower urgency for interest rate cuts, he is still likely to favor rate cuts as chairman. Warsh has argued for years that central banks relying on belatedly produced data keeps interest rates unnecessarily high, hindering growth and causing market volatility." He added, "Warsh's appointment as Fed chairman could also positively impact cryptocurrency policy. He would be the first Fed chairman with deep ties to the crypto industry." He further predicted, "In the second half of 2026, with more aggressive easing policies, Bitcoin could recover to $100,000."
