U.S. President Donald Trump nominated financier and former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as Chair of the country’s central bank on Friday, a choice that lands as cryptocurrency markets slide and investors reassess the outlook for interest rates.

Announcing the pick on Truth Social, Trump praised Warsh’s credentials and record, calling him a future “GREAT Fed Chairman” and signaling an end to months of public conflict with Powell. The president has repeatedly criticized the Fed chair over interest-rate policy and the cost of the central bank’s headquarters renovation, even after the Fed delivered a series of rate cuts late last year.

The nomination comes during a turbulent stretch for…