Bitcoin fell below $100,000 when Powell rejected the plan to hold BTCblotienso2024-12-19 12:24:01My subscriptionsBitcoin fell below $100,000 on Wednesday, dropping by 6% over 24 hours and trading at $99,0477 after comments from the Federal Reserve Chairman Jerome Powell.Powell dismissed the idea of the United States establishing a national reserve fund for Bitcoin, stating that the central bank "is not looking for changes in the law" and does not have the right to hold Bitcoin. This caused a sharp correction after Bitcoin sharply rose to a new historical record of $108,000 earlier this week.

The impact is felt across the entire market, with significant losses also seen in major altcoins. Ethereum (ETH) has dropped by 6.5%, and XRP by 12.64%. The GMCI 30 index, which tracks the performance of leading cryptocurrencies, has decreased by 7.18% in the last day. The recent increase in Bitcoin prices was caused by comments from the elected US President Donald Trump about the creation of a national Bitcoin reserve fund. Some states, including Texas and Florida, have also seen efforts of state-sponsored Bitcoin reserve fund creation, contributing to optimism in the market.Despite the retreat of the cryptocurrency market, Powell's comments are just part of a broader economic picture. The decision of the US Federal Reserve to lower the base interest rate by 25 basis points on Wednesday, signaling fewer cuts through 2024, contributed to the market decline. With the unstable situation, many people are closely watching how the market will react to political and economic changes in the coming months.DYOR! #Write2Win Write and earn $BTC(BTCUSDT)
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