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 a 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 experiencing declines. In this regard, Matt Mena, an analyst at cryptocurrency ETP issuer 21Shares, said, "While Kevin Warsh's remarks suggested a somewhat lower urgency for 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 unnecessarily keep interest rates high, hindering growth and causing market volatility." He added, "Warsh's appointment as Fed chairman could also have a positive impact on cryptocurrency policy. He would be the first Fed chairman with deep ties to the crypto industry." He further predicted, "Bitcoin could recover to $100,000 with more aggressive easing policies unfolding in the second half of 2026."
