#沃什获提名利多还是利空 The Federal Reserve Chairman Change, Kevin Warsh Nomination Sparks "Fed Panic"

The biggest black swan of the week is undoubtedly President Trump officially nominating Kevin Warsh to succeed Jerome Powell, whose term expires in May, as the next Federal Reserve Chair. This nomination is not just a simple personnel change; it has directly disrupted the rhythm of the entire crypto market.
Some may be unfamiliar with Warsh, so here is a brief background: He graduated from Stanford, was an assistant to legendary economist Friedman, and holds a JD from Harvard Law School. His career spans Wall Street, the White House, and the Federal Reserve, with connections across politics, business, and academia—his father-in-law is an Estée Lauder heir and a Trump friend, and even legendary investor Druckenmiller is his partner. He also got involved in Bitcoin investments early on.
More importantly, he was the youngest Federal Reserve governor in history, openly opposing quantitative easing in 2010, making him a true "hawk."
The market's panic is mainly due to the word "hawk."
Everyone knows that the hawkish Fed prioritizes controlling inflation, likely tightening market liquidity, shrinking the Fed's balance sheet, and even actively "cooling down" asset bubbles. Although Warsh previously compared Bitcoin to "new gold" and was not hostile toward cryptocurrencies, under the premise of "liquidity tightening," any risk assets will be sold off—Bitcoin leading the decline, dropping to the $76,000–$82,000 range, near a 10-month low, with a maximum 24-hour drop of 8.32%, and currently falling below $70,000! Other tokens like Ethereum also plummeted significantly, which the market calls "Fed panic."
A side note: Warsh's rise can also be attributed to his ability to "go with the flow"—he shifted from a free trade advocate to a supporter of Trump's tariffs, and like Trump, criticized Powell for being too slow to cut rates. This was one of the key reasons he was nominated. However, whether he can ultimately take office still depends on approval from the U.S. Senate, and uncertainties remain.