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The price of the leading cryptocurrency Bitcoin (BTC) has literally skyrocketed today as the possibility of the Bitcoin Strategic Reserve being announced in the near future has quickly soared after a post by Senator Cynthia Lummis.
Lummis said in her X post that something big is going to be announced today. The senator is well known for her pro-Bitcoin stance and was one of the first voices in U.S. politics to promote the idea of building a strategic reserve in BTC.
As a result of this announcement, the price of Bitcoin surged by over 4.5% in an hour, which is a lot for an asset with a market cap of over $2 trillion.
Valeria Blokhina
Interestingly, Lummis's announcement came just as the price of the cryptocurrency hit the bottom of the $101,300-$107,100 range it had been trading in for the past few days.
Outcome
The senator ultimately failed to deliver on a promised 10:00 a.m. announcement, and according to journalist Eleanor Terrett, the issue is that the Senate Banking Committee is set to vote on Senator Lummis becoming chairman of the Subcommittee on Digital Assets at this time, and that may be the "big news." It is unclear if anything else will be announced, Terrett added.
As a result, the price of Bitcoin has experienced a painful reversal, falling as much as 3.2% in the last 25 days from local highs of $106,000. Whether the Bitcoin Strategic Reserve will be announced in the near future remains an open question. But it is now clear that such matters are not yet priced in.
Godfrey BenjaminIt could be a Bitcoin ETF fake announcement situation once again, though, as, in 2023, after such an event, we saw a massive pump and dump of the cryptocurrency, which eventually resulted in a steady BTC price rally as the market realized that the approval of the ETF is not yet priced in.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
Vladislav Sopov