Here's why Fed contender Kevin Warsh is seen as bearish for bitcoin.

BTC fell deeper to nearly $81,000 late Thursday as Warsh's odds surged in betting markets.

President Donald Trump said he will announce his pick for the U.S. Federal Reserve chair to replace incumbent Jerome Powell after the latter's term ends in May.

While nothing is confirmed yet, reports suggest the Trump administration is preparing to nominate Kevin Warsh, who served on the Federal Reserve Board of Governors from 2006 to 2011.

Warsh has occasionally praised cryptocurrencies. Yet $BTC $82,462.89 plunged late Thursday to near $81,000 lows as his odds spiked on betting sites, with some analysts now pegging him as a bearish force for the asset.