Bitcoin Plunges to $76,000 Before Rebounding Slightly to $77,000 [Crypto Briefing]

[The Financial News] On the 2nd, Bitcoin (BTC) rebounded slightly to the $77,000 level. After former Federal Reserve System (the Fed) Governor Kevin Warsh, who is known for his cautious stance on interest rate cuts, was nominated as the next Fed chair, BTC had tumbled to around $76,000, which appears to have drawn in some bargain hunting.
According to global digital asset data platform CoinMarketCap, BTC was trading around $77,000 as of 10 a.m. that day, down 1.71% over the previous 24 hours. BTC has fallen 10.64% over the past week.
In the won market, BTC was trading around 115 million won. Based on global crypto market comparison platform Cryprice, the so‐called Korea premium stood at 1.52%.
On the 1st, BTC slipped below $80,000 and has not managed to climb back above that level. It is the first time BTC has fallen under $80,000 since April 11 last year, when President Donald John Trump announced reciprocal tariffs on major countries around the world.
The latest sharp drop is widely attributed to the nomination of former Governor Warsh as the next Fed chair. Warsh is known to have a hawkish stance, favoring tighter monetary policy. This has fueled concerns that the cryptocurrency market, a high‐risk asset class highly sensitive to liquidity, could come under even greater pressure.
Investor sentiment has also deteriorated sharply. The Crypto Fear and Greed Index provided by CoinMarketCap stood at 15 that day, signaling "extreme fear," down from 29 a week earlier. The index ranges from 0 to 100, with readings near 0 interpreted as "extreme fear" and those near 100 as "extreme greed."
At the same time, Ethereum was trading around $2,288, down 6.67% from 24 hours earlier. Ripple (XRP) was changing hands near $1.60, a decline of 3.61%.

yimsh0214@fnnews.com Im Sang-hyuk Reporter