Live markets: Bitcoin heads lower late Friday as Warsh takes over at Fed
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There's no apparent news hitting, but crypto prices are softening in sleepy Friday afternoon trading.
As stocks head into the close ahead of the three-day weekend, bitcoin (BTC) has pulled back to $75,800, down 2.4% over the past 24 hours, and its lowest level in May.
Ether (ETH), solana (SOL), and XRP (XRP) are down a bit more than bitcoin.
Tom Lee earlier in May said if bitcoin could close higher for the month, it would be three straight months in the green and a sure sign of a bull market. Bitcoin began the month at roughly $77,000. There's still more than a week to go in May, but Friday's declines have put that streak in at least some jeopardy.
U.S. stocks for the moment are holding onto modest gains; the Nasdaq is higher by 0.3%.
Kevin Warsh has now been sworn in by President Trump as the chairman of the U.S. Federal Reserve, replacing Jerome Powell, who will continue at the Fed as a governor.
"I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards and integrity and performance today marks a return to an institution that I do in fact cherish," said Warsh in his remarks at the swearing-in ceremony.
Bitcoin continues trading little-changed at just under $77,000, while stocks continue modestly higher, the Nasdaq ahead 0.5%.
As has been the case all week, bitcoin (BTC) is trading in a tight range around the $77,000 level in U.S. morning action.
There was some economic news on Friday morning, and it wasn't pretty. The University of Michigan Consumer Sentiment Index for May fell to a record low 44.8 from 48.2 previously and versus economist forecasts for 48.2. The Expectations Index also fell to a record low of 44.1.
The UMich 1-year Consumer Inflation Expectations Index rose to 4.8% from 4.5% previously. The 5-year Inflation Index rose to 3.9% from 3.4%.
It's yet another disturbing stagflationary data point confronting Kevin Warsh as he's set to take over as chairman of the Federal Reserve. President Trump appointed Warsh in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation.
Rate traders are now pricing in more than a 70% chance of one or more rate hikes by the end of 2026.
Warsh's official swearing-in is set for 11 am ET.
U.S. stocks, meanwhile, are posting modest gains ahead of the three-day weekend. The Nasdaq is higher by 0.3% and the S&P 500 by 0.4%.
Source: CoinDesk
