Bitcoin tanked below $100K, dropping 6% after Fed Chair Powell said the U.S. won’t make a Bitcoin reserve. This came right after BTC hit $108K ATH. The crypto market felt the heat—ETH and XRP slid too. Meanwhile, rate cuts and political vibes keep things messy. Stay tuned.
Bitcoin just took a major hit, falling below $100K after U.S. Fed Chair Jerome Powell straight-up rejected the idea of a national Bitcoin reserve. He made it clear that the Fed’s not about that life, and the U.S. isn’t looking to change any laws to hold Bitcoin. This caused a 6% drop in just 24 hours, with BTC now sitting at $99,047.
The news came right after Bitcoin had hit a new all-time high of $108K earlier this week, so the correction stung. The altcoin market wasn’t immune either, with Ethereum (ETH) losing 6.5% and XRP dropping a huge 12.64%. Ouch.
This whole BTC rally had been fueled by the buzz around President-elect Trump’s talk of a Bitcoin reserve and several states like Texas and Florida pushing for state-backed Bitcoin initiatives. But Powell’s rejection, combined with the Fed’s decision to cut interest rates by 25 basis points, gave the market a reality check.
Crypto investors are definitely feeling the uncertainty, and with economic shifts and political moves on the horizon, it’s anyone’s guess where things go next. Keep an eye out; the rollercoaster’s far from over.
You might like: Small Towns in India Are Killing It in Crypto