đ¨ SHOCKWAVE: Jerome Powell Rules Out U.S. Bitcoin Reserve, Markets TANK! đ¨
In a jaw-dropping announcement, Federal Reserve Chair Jerome Powell confirmed that the Fed will NOT hold Bitcoin or advocate for a U.S. Bitcoin reserve, sending shockwaves through the financial world. Bitcoin plummeted 5.7%, dragging the crypto market and stocks down with it.
Powell's Unyielding Stance:
âWeâre not allowed to own Bitcoin,â Powell declared, citing the Federal Reserve Act, which restricts what the Fed can own. He left the decision to Congress, signaling no interest in pursuing a law change.
This comes amidst growing calls from pro-crypto lawmakers like Senator Cynthia Lummis and President-elect Donald Trump, who have advocated for the U.S. to establish a Bitcoin reserve to stay ahead in the global crypto race.
Market Meltdown:
Bitcoin: Fell to $100,300, down 5.7%.Ethereum: Dropped 6.8%.Binance Coin (BNB): Lost 4.6%.Solana (SOL): Crashed by 8.1%.Dogecoin (DOGE): Worst hit, nosediving 11% to $0.348.
The stock market wasnât spared, with the S&P 500 closing down 1.55% and the Nasdaq 100 tumbling 2%.
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