Bitcoin tumbled sharply on Thursday night U.S. hours, dipping from roughly $88,336 to as low as $81,000 before recovering to about $82,000 — a near $10,000 drop in 24 hours. The move wiped out hundreds of millions in leveraged positions: CoinGlass reports more than $777 million in crypto long liquidations in the past hour and about $1.75 billion over the last day. The sell-off hit the broader market as well, with major altcoins plunging roughly 7%–9% over the same period. Ether slid toward $2,700 (around $2,719.92), BNB was near $843 ($839.39), and XRP traded around $1.74 ($1.7363). Technical traders are watching key levels closely. A CoinDesk analysis warned that a drop below $85,000 could signal a deeper decline, and Bitcoin is now barely holding above its November low just under $81,000. The next material support cited is the April 2025 low around $75,000. Markets appeared to be reacting to rapidly evolving U.S. political and policy news. Reports circulated that President Donald Trump plans to nominate former Fed board member Kevin Warsh to replace Jerome Powell as Fed chair, with Trump saying he would name his pick on Friday morning. Polymarket odds on Warsh surged to 87% from 37% just two hours earlier. Before Warsh’s sudden rise in probability, BlackRock fixed-income chief Rick Rieder — seen by some as a potentially more dovish choice — had been considered a frontrunner. CNBC also reported Warsh was at the White House on Thursday. Traders are parsing the likely policy implications of a Powell replacement as well as the market’s technical picture — and today’s forced deleveraging makes near-term volatility all but certain. Read more AI-generated news on: undefined/news

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