The Fed Chair Powell announced a rate cut to 4.50%, indicating two quarter-point rate cuts for next year.
Powell confirmed that the Fed is not allowed to own Bitcoin and has no plans to change the law.
Bitcoin dropped below $100K after Powell’s comments about the central bank’s stance on BTC.
Today, the global crypto market is flooding with bloodbath as Bitcoin (BTC) has seen a major shake-up, dropping to the $98K zone. This downturn comes after Federal Reserve Chair Jerome Powell stated that the Fed is “not allowed to own Bitcoin” and ruled out any plans to change the laws regarding cryptocurrency ownership. He also signals a more cautious approach to the Fed rate cuts in 2025.
Fed Chair Jerome Powell asked about a US Strategic Bitcoin Reserve: Fed can’t own it
He says, „We’re not allowed to own Bitcoin … We are not looking for a law change at the Fed.”#Bitcoin #FED #JeromePowell #USA pic.twitter.com/EwmLeiln9U
— TheNewsCrypto (@The_NewsCrypto) December 19
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