Bitcoin falls to lowest since pre-2024 election after metals crash and Warsh pick

Bitcoin has slid to its lowest level since before the 2024 election, plunging as much as 37% from its October peak and briefly dropping below $75,000 on Monday before edging back to about $78,500. Analysts say the latest sell-off was driven in large part by a shift in speculative momentum trades in gold and silver, whose brutal price declines spilled over into crypto markets.

According to Coinglass, January 30 saw the 10th largest liquidation event in bitcoin history, with $2.5 billion in positions sold; the October 10, 2025 liquidation was the largest ever at $19.1 billion. Bitcoin often tracks other risk assets, and gold and silver have behaved more like momentum stocks than safe havens in recent weeks.

The metals’ breakdown on Friday was another factor weighing on crypto after months of disappointments for bitcoin investors. Trump’s earlier campaign pledges to make the US a “crypto capital” and promises of crypto-friendly regulation initially buoyed bitcoin, but that enthusiasm appears to have faded as markets digested the regulatory outlook and faced broader risks such as trade tensions, a sluggish labor market, and government shutdowns.

The most recent trigger, analysts say, was Trump’s appointment of Kevin Warsh to lead the Fed; while Warsh has called for lower rates since the election, he has historically favored a more hawkish policy, which can undermine assets that thrive in low-rate environments.

bitcoin price drop, bitcoin pre-2024 level, gold and silver crash, kevin warsh appointment, trump crypto policy, coinglass liquidation report, october 10 2025 liquidation, bitcoin bear market, speculative momentum trades, kyle rodda analysis