Trump picks Kevin Warsh to be the next Fed chair and crypto enters plunge protection.

You're watching Coin Desk Daily. I'm your host, Jen Sanassi.

In a truth social post on Friday, President Trump nominated Kevin Warsh as the next chair of the Federal Reserve.

Warsh served on the U.S. Central

Bank's board of governors between 2006 and 2011, the youngest person to ever do so. Despite

Warsh's past praise for crypto markets view him as a hawk. Analysts point to his track record

during the 2008 crisis where he flagged inflation risks, even as the economy collapsed,

the appointment has been considered by some to be bearish for risk assets such as Bitcoin,

given his emphasis on monetary discipline. With Bitcoin, teetering near $82,000, the crypto industry's

heavyweights are stepping in to stop the bleeding. Finance announced it is converting its user

protection fund entirely into Bitcoin

and will buy more Bitcoin to replenish the fund to a billion dollars if it drops below 800 million.

Tron founder Justin's son quickly followed suit pledging to buy more Bitcoin to stabilize the market,

but will it work? Analysts warn that plunge protection efforts often fail against broader macro forces.

With dollar liquidity tightening and a hoggish Fed chair nominee on the horizon, the market is still searching for genuine bullish catalyst to reverse the downtrend.

As of this morning, Bitcoin is down nearly 6% on the day, trading at around $82,500.

The tumbling also comes amid a middle looming government shutdown with polymarket pricing. down nearly 6% on the day, trading at around $82,500.

The tumbling also comes amid a looming government shutdown, with polymarket pricing the odds

at 75%.

And Vitalik Buterin says the Ethereum Foundation is tightening its belt.

The co-founder announced a period of mild austerity to ensure the foundation's long-term survival

while delivering its scaling roadmap.

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