Crypto Market Tumbles After Warsh's Hawkish Stance

The cryptocurrency market has taken a hit after a hawkish speech by new Fed Chair Kevin Warsh. The total crypto market cap shed over $80 billion, with Bitcoin's price plummeting to a five-day low of under $77,000.

Bitcoin had been on a tear, reaching nearly $81,500 last week before being rejected at the same level again. However, the bulls managed to drive the asset above $80,000 briefly this week before retreating in response to Warsh's speech.

Altcoins such as Ethereum and BNB also suffered losses, with Ethereum down by almost 3% in the past 24 hours. Ripple's XRP dropped below $1.40, while several other altcoins posted declines of 3-7%.