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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Plummets as Hopes for Major Announcement Fade
Bitcoin (BTC)

Bitcoin Plummets as Hopes for Major Announcement Fade

In Brief

  • Bitcoin's price dropped significantly as expectations for an announcement faded.

  • Lummis had generated excitement but hasn't provided any updates yet.

  • The situation indicates potential shifts in cryptocurrency market sentiments.

Fatih Uçar
Fatih Uçar 4 months ago
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As the article was being prepared, BTC prices swiftly dropped to around $103,000. Lummis had generated excitement, but expectations for a significant announcement regarding the Strategic Bitcoin $104,365 Reserve were dashed following Eleanor Terrett’s news report.

Contents
Why Did Bitcoin Fall?Implications for Cryptocurrency

Why Did Bitcoin Fall?

Lummis unexpectedly announced that he would make a major announcement at 6:00 PM. Everyone speculated that it would pertain to the Strategic Bitcoin Reserve. They were right, as he is the principal author of this proposal and was also appointed by Trump on this matter. However, he has yet to make a statement. Fox journalist Eleanor Terrett reported that the senator would be involved in a voting session for the Senate Banking Committee.

Implications for Cryptocurrency

Lummis’s post, which hinted at the committee vote without mentioning the Digital Assets Subcommittee, led the public to believe a major announcement about the Strategic Bitcoin Reserve was imminent. Nevertheless, his presidency in the Digital Assets Subcommittee would be a positive development for cryptocurrencies.

After soaring to $106,000 due to high expectations, the BTC price fell back to $102,649, reflecting the disappointment.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 23 January, 2025 - 6:25 pm 23 January, 2025 - 6:25 pm
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