Bitcoin Drops to $117K After US Treasury Secretary Bessent Says Government Won’t Buy BTC For Strategic Reserve
Main Idea
Bitcoin's price dropped below $120,000 following comments by the US Treasury Secretary and higher-than-expected PPI inflation data, while the US government confirmed it would not purchase additional Bitcoin.
Key Points
1. Bitcoin's price fell to $117,763, down from a recent record high of $124,128, after the US Treasury Secretary stated the government would not buy more Bitcoin.
2. The US government's current Bitcoin holdings are estimated to be between $15 billion and $20 billion, with no plans for further acquisitions.
3. The crypto market declined broadly, with Bitcoin dropping over 3% and Ether falling 4%, following the Treasury Secretary's remarks and a higher-than-expected PPI inflation report (0.9% vs. 0.2% estimate).
4. Other major altcoins, including XRP and Solana (SOL), also saw losses on the same day.
5. The article notes that despite market volatility, no new Bitcoin purchases or liquidations were announced by the US government.
Description
U.S. Treasury Secretary Scott Bessent declared outright that the federal government had no plans to acquire more Bitcoin for its planned strategic reserve.
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