Bitcoin faces downward pressure as odds of Warsh as Fed Chair rise

The growing possibility that former Federal Reserve Governor Kevin Warsh could be named the next Fed Chair is intensifying downward pressure on Bitcoin, Coindesk reported. Markus Thielen, founder of 10x Research, noted that Warsh favors higher real interest rates and reduced liquidity, viewing cryptocurrencies as speculative instruments that will vanish once the era of low interest rates ends. Separately, Renaissance Macro Research analyzed that Warsh has consistently advocated for hawkish monetary policy throughout his time as a Fed governor, particularly during periods of labor market collapse. The research firm suggested his current dovish stance is a matter of convenience and that there is a risk President Trump could be misled by his intentions. President Trump is expected to announce his nominee for the position tomorrow.