The Federal Reserve announced a 25 basis point interest rate cut at its final Federal Open Market Committee (FOMC) meeting of 2024.
Federal Reserve Chairman Jerome Powell announced that the central bank would not be allowed to hold Bitcoin.
Powell’s remarks sent the crypto market into a tailspin, removing $800 million from leveraged positions.
The Fed ended its final FOMC meeting of 2024 with a widely anticipated 25 basis point rate cut, signaling a shift in monetary policy.
However, the real shock came from Federal Reserve Chairman Jerome Powell, who revealed that the central bank is legally prohibited from owning Bitcoin.
Powell’s remarks dampened hopes for a strategic reserve of Bitcoin — a prospect that had been anticipated since President Donald Trump’s election victory — and prompted the sale of more than $800 million in leveraged positions.
