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$BTC Falls Below $119K After #Treasury Rules Out New Purchases
$BTC dropped under $119,000 on Thursday after Treasury Secretary Scott Bessent confirmed the government won't make additional Bitcoin purchases for its strategic reserve. The cryptocurrency fell from the $120,000 psychological support level to $118,730.
Bessent's Fox Business interview clarified that the reserve will only use confiscated assets rather than new acquisitions. This contrasts with President #Trump's earlier executive order directing "budget-neutral strategies" for increasing holdings.
The decline came hours after $BTC briefly overtook Google's $2.4 trillion market cap to become the world's fifth-largest asset. Previous administration discussions had explored funding $BTC purchases through #tariff revenue.
Bo Hines had previously indicated that the administration was exploring various funding options for acquisitions. The Treasury's stance has dampened recent #bullish momentum in $BTC markets.
