After Federal Reserve Chairman Jerome Powell stated that the central bank is not looking to hold the digital currency and indicated a more cautious approach to rate cuts in 2025, the price of bitcoin fell on Wednesday.
Bitcoin experiences a decline following Powell's statement that the Federal Reserve is 'not permitted' to possess the cryptocurrency and we see the major fall in Bitcoin on 20 December 2024. Bitcoin reached $108K and fell down at $92,272 which was decreased the market by almost 10%.
Powell also stated that the Federal Reserve is "not allowed" to own the cryptocurrency. We are not permitted to possess Bitcoin. At a press conference on Wednesday, Powell stated, "We're not looking for a law change, because the Federal Reserve Act specifies what we can own.". Congress should think about that kind of thing, but we don't want the Fed to change its laws.
Powell's remarks came in response to a query about whether he thought the U.S. S. President-elect Donald Trump suggested creating a bitcoin reserve as a strategy to keep ahead of the competition as other nations adopt cryptocurrency.
Following the press conference on Wednesday afternoon, the price of bitcoin dropped by over 5%. Bitcoin's value has skyrocketed in recent months as President-elect Donald Trump seems ready to establish a more hospitable regulatory environment, despite experts' warnings about the risks associated with volatile cryptocurrencies.
In July, Trump declared that the US would become the world's bitcoin superpower and the "crypto capital of the planet.". Trump appointed former PayPal executive David Sacks as his "White House A" earlier this month, and he assisted in the launch of a new cryptocurrency company in September that had connections to his family. I. and the Crypto Czar. Additionally, he proposed a cryptocurrency ally.
Bitcoin Prediction in Coming Months
USD to BTC prediction for December 2024. In the beginning price at 0.103 coins. High price 0.121, while low 0.094. The averaged price 0.106. The USD to BTC forecast at the end of the month 0.106, change for December 2.9%.
Dollar to Bitcoin forecast for January 2025. In the beginning price at 0.106 coins. High price 0.118, while low 0.091. The averaged price 0.106. The USD to BTC forecast at the end of the month 0.109, change for January 2.8%.
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