Cryptocurrency prices declined significantly, with global market capitalization falling to $2.64 trillion. U.S. President Donald Trump’s choice for Federal Reserve Chair and the steep decline in precious metals have added downward pressure on BTC, ETH, XRP, and SOL.
BTC, ETH, XRP, BNB Tumble In Steep Crash
According to CoinMarketCap data, cryptocurrencies are underwater, with leading cryptocurrencies recording jarring losses over the last day. At press time, the global market cap is down by nearly 6%, settling at $2.66 trillion after weeks of holding up above the $3 trillion mark.
In the last 72 hours, the Bitcoin (BTC) price has declined by 10% to below $80,000. BTC prices declined to an intraday low of $75,815 from a peak of $ 84,000. Meanwhile, Bitcoin’s decline has wiped out Michael Saylor’s Strategy gains, with the treasury company sitting at a net loss.
Ethereum, the second-largest cryptocurrency, also faced significant drawdowns, falling by nearly 10% in a day. At press time, the ETH price is trading below $2,500 despite trading volumes up by nearly 50%.
BNB, the fourth cryptocurrency by market capitalization, tumbled by 8.1% over the last day to trade at $782. Currently, BNB is trading 42% below its all-time high of $1,370, set in October 2025.
Among the top 10 largest cryptocurrencies by market capitalization, Solana (SOL) recorded the largest losses. CoinMarketCap data indicate an 11% decline in SOL, with prices approaching $105 per coin. XRP and ADA fell by 4.2% and 5.8%, respectively, while the DOGE price crashed by nearly 9%.
Why Are Prices Falling?
At the outset, several factors are behind the seismic losses recorded in the cryptocurrency markets. Pundits argue that Trump’s choice for Fed Chair Kevin Warsh triggered hawkish sentiments among cryptocurrency traders.
The pundits argue that traders are wary of Warsh’s association with tighter monetary policy and higher interest rates. If things go according to plan, Warsh will replace Jerome Powell when his tenure runs out on May 15, with investors predicting a hawkish Federal Reserve.
Macroeconomic fears, including a silver and gold crash, have adversely affected Bitcoin and other cryptocurrencies. The crash triggered a ripple effect of a massive liquidation cascade and a coordinated selloff across major asset classes, with the decline mirroring that of the S&P 500.
Source: https://zycrypto.com/bitcoin-ether-xrp-solana-bnb-waver-after-trump-reveals-pick-for-fed-chair/
