Kevin Warsh was sworn in as the 17th Federal Reserve chair at a White House ceremony on Friday, becoming the first Fed leader to take the oath at the executive mansion since Alan Greenspan in 1987. Supreme Court Justice Clarence Thomas administered the oath to Warsh, who succeeds Jerome Powell. According to reports from The Economic Times, Warsh, 56, succeeds Powell who held the position since 2018 and will remain on the Fed board as a governor until 2028.
Bitcoin continues to demonstrate resilience below the critical $78,800 resistance zone, with the cryptocurrency retesting the 4-hour bullish order block three times and successfully clearing the $77,400 resistance level with a healthy $1,700 rebound. As reported by analyst Qingtianbtc, this recovery to the $78,300 level and subsequent move toward the 4-hour bearish order block are well within expected market behavior. The current upward movement is interpreted as a temporary relief rally rather than a trend reversal, with the $77,000 zone currently functioning as the primary defensive floor.
The Senate had confirmed Warsh on May 13 in a narrow 54-45 vote, with Democratic Senator John Fetterman as the only crossover. As reported by The Economic Times, Bitcoin is currently trading around $77,400, largely unchanged from Friday's session. Markets have been pricing in the leadership transition for weeks, with traders focused on Warsh's first FOMC meeting scheduled for June 17.
Warsh is widely considered the most crypto-literate Fed chair in history, with his financial disclosure revealing investments in over 30 crypto projects, including a spot Bitcoin ETF. According to reports from The Economic Times, Warsh pledged to lead a 'reform-oriented Federal Reserve' and vowed he would never predetermine interest rates at any elected official's request. President Trump told attendees he wants Warsh to be 'totally independent'.
Warsh has said the Fed's balance sheet is too large and should shrink, a stance that could tighten liquidity conditions that historically fuel crypto rallies. As reported by The Economic Times, markets are currently pricing near-zero odds of a June rate cut, with some traders betting on hikes in early 2027. Warsh takes over at a moment of persistent inflation above the Fed's 2% target, elevated oil prices above $100 per barrel, and consumer sentiment near historic lows.
