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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 
$104,843 Reserve were dashed following Eleanor Terrett’s news report.
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.
