Recent sharp declines in cryptocurrency prices, including Bitcoin, have led to diverging forecasts about future price movements. According to CoinMarketCap, Bitcoin fell approximately 12% since the beginning of the year until the 1st.

Bitcoin steadied after falling close to the lowest level since Donald Trump’s return to the White House, as some analysts said the weekend’s steep selloff has left crypto markets poised for a rebound.

President Donald Trump said on Jan. 30 that he will nominate former Fed governor Kevin Warsh to succeed Jerome Powell as chair when Powell’s term ends in May. Trump announced the decision in a post on Truth Social, calling Warsh:

Marginally good news and big bitcoin purchases have yet to move the cryptocurrency in a meaningfully positive direction.