Why did the bitcoin price drop below $79,000 today?

Two main drivers hit at once. Markets read Kevin Warsh as a more hawkish potential Fed chair, which lifted the dollar and repriced rate cuts. At the same time, a sharp silver selloff sparked broader risk-off flows. Together they pressured crypto and pushed bitcoin through $80,000 support.

Who is Kevin Warsh and why does he matter for crypto?

Kevin Warsh is a former Federal Reserve governor often viewed as more hawkish on inflation and policy. As President Trump’s reported pick to lead the Fed, investors anticipate tighter policy than expected. A stronger dollar and higher-for-longer rates typically weigh on crypto valuations and liquidity conditions.

What bitcoin levels matter most after today’s move?

We are watching $84,200 as the first repair level and $89,814 near the 50-day average as a bigger hurdle. On the downside, $75,644 intraday low and $74,421 year low are key supports. A daily close back above $84,200 would help stabilize the tape into next week.

How are ETH and SOL reacting to the bitcoin move?

ETH fell to $2,449.36, down about 13%. SOL dropped to $105.44, down about 10%. Both trade below their 50-day and 200-day averages, which keeps momentum soft. If the bitcoin price firms up, alts can stabilize, but renewed dollar strength could extend pressure in the near term.

Does silver’s selloff really affect crypto prices?

Yes, on days when investors de-risk across assets, stress in metals can spill into crypto. Funds cut exposure and raise cash, which hits high beta tokens first. Silver’s slump coincided with a stronger dollar, a combination that tends to weigh on the bitcoin price and broader crypto.

Global Market Insights

BTCUSD Today, February 01: Warsh Pick, Silver Rout Push Below $79K

ByDanny Kontos February 1, 2026February 1, 2026

The bitcoin price dropped below $79,000 today as traders reacted to Kevin Warsh emerging as President Trump’s choice to lead the Federal Reserve and a sharp silver selloff that hit risk assets. Dollar strength and fewer expected rate cuts pressured crypto into the weekend. The pair BTCUSD briefly tested deeper support after a wide intraday swing. Ethereum and Solana also fell as U.S. traders de-risked ahead of lighter weekend liquidity. We break down the macro drivers, key technical levels, and what could steady the tape for the U.S. session.