$100 billion wiped out in a day…Bitcoin falls out of top 10 by market cap among global assets

Bitcoin (BTC) plunged, pushing it out of the top 10 in the global asset market-cap rankings.

According to 8marketcap on the 30th (Korea time), as of 7:20 p.m. that day Bitcoin ranked 12th worldwide by market capitalization. This marks a three-place drop from the previous day.

Bitcoin was trading at $82,419, down 6.13% from the prior day. Its market cap fell from $1.75 trillion to $1.64 trillion.

The sharp deterioration in Bitcoin sentiment is seen as stemming from reports that U.S. President Donald Trump will nominate former Fed Governor Kevin Warsh as the next chair of the Federal Reserve (Fed).

Warsh is viewed as less dovish (favoring monetary easing) than other candidates for Fed chair. As a result, expectations have spread that, if Warsh is nominated, the Fed would slow the pace of rate cuts. This has translated into selling pressure on risk assets, including Bitcoin, which is sensitive to liquidity conditions.

Meanwhile, the dollar and U.S. Treasury yields rose intraday. The dollar index gained 0.6% in a day to 96.74. The 10-year U.S. Treasury yield rose 0.048% from the previous close to 4.275%, while the 30-year yield climbed 0.056 percentage points to 4.91%.