Bitcoin Hits 10-Month Low. XP, Ether Dive as Trump's Warsh Fed Pick Tanks Cryptos. -- Barrons.com

Dow Jones02-02 18:15

By Alex Kozul-Wright

Bitcoin is trading at a 10-month low amid a broad digital currency selloff. The move follows Kevin Warsh's recent nomination as the next head of the Federal Reserve.

Bitcoin was trading down by 2.1% at $77,373.1. Ethereum and XRP were also falling, by 5.8% and 3.9%, respectively.

The world's largest cryptocurrency dipped to $74,553 early Monday, its lowest intraday level since April 7 last year, shortly after the announcement of President Donald Trump's so-called Liberation Day tariffs -- when it hit $74,435.6.

Meanwhile, at a settlement level, Bitcoin is on pace to be at its lowest since Nov. 9, 2024, according to Dow Jones calculations.

Trump's selection of Warsh immediately unsettled digital asset investors, who benefited from loose monetary policy conditions in the years following the 2008-09 financial crisis.

But as a former Fed governor from 2006-2011, Warsh pushed for elevated interest rates and a smaller balance sheet, countering expectations of a weaker dollar when Jerome Powell's term ends on May 15.

Indeed, the U.S. dollar index was up 0.2% Monday to 97.2, a bad omen for risk assets such as Bitcoin.

Cryptocurrency investors will be watching near-term price moves, and hoping a full-blown price crash can be avoided.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 02, 2026 05:15 ET (10:15 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The move follows Kevin Warsh's recent nomination as the next head of the Federal Reserve. \n\n\n  Bitcoin was trading down by 2.1% at $77,373.1. 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