The price of Bitcoin plummeted to around $100,000 following Federal Reserve Chair Jerome Powell's remarks that it is 'not accumulatable.' The Fed Chair expressed that he has no intention of engaging in the strategic accumulation of Bitcoin, which is expected to be pursued by President-elect Donald Trump.
As of 8 a.m. on the 19th, Bitcoin was trading at $101,190, according to the global virtual asset market tracking site CoinMarketCap. This represents a 4.3% decrease from the previous day and a 0.13% decline from a week earlier. Compared to the all-time high of $108,300 recorded the previous day, it is approximately 7% lower.
The price of Bitcoin dropped significantly following the Federal Reserve's interest rate cut announcement. In particular, Powell's remarks on Bitcoin struck hard. He stated at a press conference, 'We do not allow ownership of Bitcoin.' He also characterized the establishment of laws and regulations for Bitcoin accumulation as 'a matter for Congress to consider,' adding that 'the Fed has no plans to pursue legal amendments.'
Earlier, Bitcoin surged significantly after President-elect Donald Trump's remarks about a 'strategic accumulation fund.' In an interview with CNBC on the 12th, Trump responded to a question about whether he has plans to build cryptocurrency reserves similar to oil reserves by saying, 'It seems like it.' He noted, 'In a situation where countries like China are embracing cryptocurrencies, we will achieve great things through cryptocurrencies.'