Live markets: Bitcoin continues holding pattern near $77,000 ahead of Kevin Warsh taking over at Fed

live Updated just now Live markets: Bitcoin continues holding pattern near $77,000 ahead of Kevin Warsh taking over at Fed Kevin Warsh is set to be sworn as Fed chairman in a White House ceremony on Friday morning. By Stephen Alpher Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Kevin Warsh set to be sworn in as Fed chair (Getty images) just now · 2:24 PM Stephen Alpher Share Share this post Copy link X icon X (Twitter) LinkedIn Facebook Email As has been the case all week, bitcoin (BTC) is trading in a tight range around the $77,000 in U.S. morning action. There was some economic news on Friday morning, and it wasn't pretty. The University of Michigan Consumer Sentiment Index for May fell to a record low 44.8 from 48.2 previously and versus economist forecasts for 48.2. The Expectations Index also fell to a record low of 44.1. The UMich 1-year Consumer Inflation Expectations Index rose to 4.8% from 4.5% previously. The 5-year Inflation Index rose to 3.9% from 3.4%. It's yet another disturbing stagflationary data point confronting Kevin Warsh as he's set to take over as chairman of the Federal Reserve. President Trump appointed Warsh in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation. Rate traders are now pricing in more than a 70% chance of one or more rate hikes by the end of 2026. Warsh's official swearing-in is set for 11 am ET. U.S. stocks, meanwhile, are posting modest gains ahead of the three-day weekend. The Nasdaq is higher by 0.3% and the S&P 500 by 0.4%. Latest Crypto News 1 IREN co-founder says AI’s biggest bottleneck is infrastructure, not chips 1 hour ago 2 CoinDesk 20 performance update: NEAR surges 19.4% as index trades flat 1 hour ago 3 Trump Media moves another $205 million in bitcoin as losses on crypto bet swell to $455 million 1 hour ago 4 Tom Lee says trillions in tech IPO supply won't crash the S&P 500 1 hour ago 5 OKX and ICE are bringing 'never-expiring' oil futures to 120 million crypto users 1 hour ago 6 Bitcoin left behind in the geopolitical melee 2 hours ago 7 Ark Invest buys $12.5 million of Bullish stock in four days 3 hours ago 8 Crypto majors stuck in tight range as altcoin rotation picks up steam 4 hours ago 9 ZachXBT flags $520K Polymarket exploit on Polygon, team says funds are safe 4 hours ago 10 Near Protocol to automate its own growth and its token is skyrocketing 5 hours ago Latest Research Spot Trading at Lowest Since November 2023 as Volumes Fall for Fourth Straight Month Spot Trading at Lowest Since November 2023 as Volumes Fall for Fourth Straight Month Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop. By CoinDesk Research 3 hours ago Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop. Why it matters : Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop. View Full Report More From Tech Satoshi’s 1.1 million bitcoin and millions more can be saved from quantum attack, says expert Ethereum’s identity crisis is deepening after high-profile 'brain drain' frustrates the community The Protocol: Ethereum Foundation's high-profile departures spark fresh debate