President Trump on Friday announced Kevin Warsh as his nominee to succeed Jerome Powell as Chair of the Federal Reserve, yet Bitcoin (CRYPTO: BTC) plunged below $83,000 on the news.

Warsh Nomination Shifts Macro Interpretation

Technical analyst Kyledoops said a Warsh-led Fed would fundamentally change how markets interpret policy signals, given his reputation as an inflation hawk and strong-dollar advocate.

“If Warsh even hints at easing, it would be taken as genuinely meaningful,” Kyledoops noted, adding that such signals could reprice the dollar, yields, risk assets and Bitcoin.

He emphasized that markets trade perception as much as policy, and leadership often shapes that narrative.

Benzinga