Bitcoin, the leading cryptocurrency by market capitalization, dropped 6.53% to $78,719.63 by 1748 GMT on Saturday, January 31.
Recent Lows and Market Reaction
The cryptocurrency hit a low of $81,104 on Friday, marking its lowest point since November 21. This decline accelerated following the selection of former Federal Reserve Governor Kevin Warsh as the next Federal Reserve chair.
Market analysts note that investor concerns over potential shifts in monetary policy under Warsh’s leadership contributed to the sell-off. Bitcoin’s value has shown volatility amid broader economic uncertainties.
