Bitcoin, Ethereum and Solana fell sharply on Saturday as retail investors reacted to a volatile week in global markets and United States President Donald Trump’s announcement of a new Federal Reserve chair.

By afternoon trading, Bitcoin dropped 7.6 per cent to below $78,000.

Ethereum slid about 11 per cent to $2,382.57, while Solana plunged 13 per cent to $101.91.

The downturn in cryptocurrencies followed Trump’s nomination of Kevin Warsh as the next Federal Reserve chairman, a move that strengthened the U.S. dollar by calming fears over the central bank’s independence.

A stronger dollar often dampens demand for bitcoin, which some investors view as an alternative currency.

If approved by the U.S. Senate, Warsh would succeed current Chairman Jerome Powell, whose term ends in May.

Trump has repeatedly criticized Powell since his appointment in 2018, especially over his reluctance to cut interest rates.

The slump in digital assets marks another setback for retail investors, coming after a steep plunge in spot silver prices on Friday — the metal’s worst single-day drop since March 1980.