Bitcoin Falls Below $119K After Treasury Rules Out New Purchases
Bitcoin dropped under $119,000 after Treasury Secretary Bessent confirmed the government won't make additional Bitcoin purchases for its strategic reserve.
Following confirmation by Treasury Secretary Scott Bessent that the government will not be making any more Bitcoin purchases for its strategic reserve, the price of Bitcoin fell below $119,000.
From the psychological support level of $120,000, the cryptocurrency dropped to $118,730. The reserve will only use assets that have been seized, not newly acquired ones.
In contrast, President Trump previously issued an executive order that called for "budget-neutral strategies" to increase holdings.
Shortly after Bitcoin briefly surpassed Google's $2.04 trillion market capitalization to take the fifth-largest asset in the world, the decline occurred.
Previously, the administration had discussed using tariff revenue to finance Bitcoin purchases. The administration was investigating different acquisition funding options, as Bo Hines had previously stated. The Treasury's position has tempered the recent surge in Bitcoin markets.
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