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BTC Takes a Hit After Fed's Powell Rules Out Bitcoin

Mary Liu

Summary: BTC experienced a momentary setback after Federal Reserve chair Jerome Powell stated that the crypto would not be added to the treasury.  There is a debate about whether the incoming Trump administration will build a Bitcoin reserve. When asked about this issue at a press conference, Powell said: "We are not allowed to hold Bitcoin." As for ...

BTC experienced a momentary setback after Federal Reserve chair Jerome Powell stated that the crypto would not be added to the treasury. 

There is a debate about whether the incoming Trump administration will build a Bitcoin reserve. When asked about this issue at a press conference, Powell said: "We are not allowed to hold Bitcoin."

As for the legal issues of holding Bitcoin, he said: "This is something for Congress to consider, but we have no intention of seeking to change the law."

Bitcoin fell 5.00% during the day and is now trading at $100,824 per coin.

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