Bitcoin (BTC-USD) price fell to its lowest levels since November on Thursday, dropping as low as $92,500.
The world’s largest cryptocurrency had crossed above the milestone $100,000 mark for the first time in early December, and later went on to hit highs of $108,000. The rally also fueled a surge in crypto-related stocks.
President Biden is set to nominate crypto-friendly Paul Atkins to lead the US Securities and Exchange Commission, replacing Gensler. Among other roles, Atkins has served as general counsel for Citadel Securities.
Other names that have been floated for the position include former PayPal (PYPL) CEO David Sacks, who told Yahoo Finance in December that he had spoken with the administration about the role.
Crypto skeptics warn that the rapid rise over the past year could set the stage for another crash like that of 2022, while others largely expect the rally to continue.
Fresh US economic data stoked inflation concerns, while investors pulled more than $580 million out of US bitcoin exchange traded funds on Wednesday, according to Bloomberg.
Shares of bitcoin holding company MicroStrategy (MSTR), meanwhile, have fallen 12.7% since Monday, when the stock surged to start the week. Coinbase (COIN) shares have dropped 9.6% over that time frame.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
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