US Treasury Statement Sends Bitcoin Tumbling After Historic High
Main Idea
Bitcoin's price dropped significantly following remarks by the US Treasury Secretary, leading to a wave of liquidations and market uncertainty.
Key Points
1. Bitcoin's price fell from $123,800 to $117,180 after US Treasury Secretary Scott Bessent's comments about using confiscated assets to build a Bitcoin strategic reserve.
2. Daily liquidations exceeded $963 million, primarily affecting leveraged positions in Bitcoin and other major cryptocurrencies.
3. Market capitalization for Bitcoin decreased from $2.48 trillion to $2.33 trillion.
4. Bessent later clarified that the Treasury seeks 'budget-neutral' options for reserve growth, not direct purchases, which led to community criticism.
5. The crypto community linked the market turbulence to the resignation of Bo Hines, head of the Presidential Working Group on Crypto Assets.
Description
Key Highlights: Bitcoin plunged from $123,800 to $117,180 after Treasury’s remarks. Daily liquidations exceeded $963M as market reacted to policy uncertainty. Despite clarification, Bitcoin has yet to recover to its earlier all-time high. Treasury Minister’s Remarks Spark Bitcoin Sell-Off On the evening of August 14, 2025, Bitcoin’s price suddenly dropped from $123,800 to $117,180 after comments from US Treasury Secretary Scott Bessent. In an interview with Fox Business, Bessent stated: “We’ve a...
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