Bitcoin falls out of global top 10 assets by market capitalization, below Elon Musk's Tesla.

Ether also declined significantly, dropping to 56th place with a market cap just above $300 billion and losing 14.5% of value.

price decline

What to know:

Bitcoin's market cap dropped to $1.62 trillion, ranking 12th among global assets, after losing over 9.3% of its value in a week and falling from its October peak of $126,000.

Ether also declined significantly, dropping to 56th place with a market cap just above $300 billion and losing 14.5% of its value.

The market downturn followed Trump's nomination of Kevin Warsh as Fed chair, which triggered a major U.S. dollar rally and caused significant drops in both cryptocurrency and precious metal markets.

Bitcoin’s market capitalization is now around $1.57 trillion, making it the 13th-largest asset by this metric, behind Saudi Aramco and Tesla stock.

The move came after its price dropped sharply from around $90,000 to $78,500, a loss of more than 11% over the last 7-day period. The recent price decline comes amid geopolitical tension, a breakdown in the precious metals rally, the nomination of a "Hawkish" next Federal Reserve chair and a partial government shutdown