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Today in crypto, Bitcoin fell below $119,000 on Thursday after US Treasury Secretary Scott Bessent said the government will not make new BTC purchases to fund a Bitcoin reserve, dampening market sentiment just hours after Bitcoin hit a new record high of over $124,000, and Google Play unveiled new rules for wallet providers but exempted non-custodial wallets.
Bitcoin drops below $119,000 after US Treasury secretary rules out new BTC buys
Bitcoin dropped below a key support level Thursday after US Treasury Secretary Scott Bessent said the government had no plans to make additional purchases of Bitcoin for its Bitcoin and digital asset reserve.
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$118,919
fell below the $120,000 psychological support level and traded at $118,730 at the time of writing, hours after hitting an all-time high of $124,457 earlier on Thursday,
The decline followed Bessent’s comments in an interview with Fox Business, where he confirmed the government would not buy more Bitcoin.
“We’ve also started to get into the 21st century, a Bitcoin reserve. We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” Bessent said.
The statement contrasted with President Donald Trump’s earlier executive order directing the government to develop “budget-neutral strategies” for increasing Bitcoin holdings
