Bitcoin retreated to as low as $81,000 amid an intensifying market rout.

Bitcoin remained under significant pressure late Thursday, briefly sliding to $81,000 during U.S. trading hours before clawing back to around $82,000.

The latest move leaves the world’s largest cryptocurrency down nearly $10,000 over the past 24 hours, with its November low just below $81,000 now under threat. The sharp decline sparked an aggressive wave of liquidations, wiping out more than $777 million in leveraged long positions in the past hour alone. Total liquidations over the last 24 hours have climbed to approximately $1.75 billion, according to CoinGlass.

Selling pressure extended across the broader digital asset market, where major cryptocurrencies fell between 7% and 9% over the same period. Ether was last trading near $2,700, while BNB hovered around $843 and XRP near $1.74.

From a technical perspective, bitcoin is hovering precariously above a key support level. A sustained break below the November low could set the stage for a move toward the next major downside target near $75,000, a level last seen during the tariff-related market slump in April 2025.

The downturn comes amid reports that U.S. President Donald Trump is expected to nominate former Federal Reserve Board member Kevin Warsh to succeed current Fed Chair Jerome Powell. Trump said late Thursday that he would unveil his choice Friday morning, following renewed criticism of Powell and the Federal Reserve for holding interest rates steady.

Prediction markets reacted swiftly to the reports. Polymarket now places the odds of Warsh securing the nomination at 87%, up sharply from 37% just two hours earlier. Prior to the surge in Warsh’s odds, BlackRock fixed-income chief Rick Rieder — viewed by some as a more dovish alternative — had been seen as a potential contender.