The Federal Reserve announced at its last meeting of the Federal Open Market Committee (FOMC) in 2024 a rate cut of 25 basis points.
Jerome Powell, the Chairman of the Federal Reserve, stated that the central bank is legally prohibited from owning Bitcoin.
Powell's statements led to a sharp decline in the cryptocurrency market and wiped out positions with leverage of over 800 million US dollars.
The Federal Reserve concluded its last FOMC meeting in 2024 with a largely anticipated rate cut of 25 basis points, signaling a change in monetary policy.
However, the real shock came from Jerome Powell, the Chairman of the Federal Reserve, who revealed that the central bank is legally prevented from holding Bitcoin.
Powell's remarks reduced hope for strategic Bitcoin reserves – a prospect that has been forecasted since President Donald Trump's election victory – and led to the liquidation of leveraged positions worth over 800 million US dollars.
