Bitcoin drops below $119K after US Treasury secretary rules out new BTC purchases

Bitcoin dropped beneath a cardinal enactment level Thursday aft US Treasury Secretary Scott Bessent said the authorities had nary plans to marque further purchases of Bitcoin for its Bitcoin and integer plus reserve.

Bitcoin (BTC) fell beneath the $120,000 intelligence enactment level and traded astatine $118,730 astatine the clip of writing, Cointelegraph information showed.

BTC/USD, 1-day chart. Source: Cointelegraph

The diminution followed Bessent’s comments successful an interview with Fox Business, wherever helium confirmed the authorities would not bargain much Bitcoin.

“We’ve besides started to get into the 21st century, a Bitcoin reserve. We’re not going to beryllium buying that, but we are going to usage confiscated assets and proceed to physique that up,” Bessent said.

Scott Bessent interview. Source: Foxbusiness.com

The connection contrasted with President Donald Trump’s earlier enforcement bid directing the authorities to make “budget-neutral strategies” for expanding Bitcoin holdings.

In April, Bo Hines, who astatine the clip was a portion of the Presidential Council of Advisers for Digital Assets, said the medication was exploring backing options for Bitcoin acquisitions, including tariff gross and a reevaluation of the Treasury’s golden certificates.

Thursday’s driblet came conscionable hours aft Bitcoin concisely overtook Google’s $2.4 trillion marketplace capitalization to go the fifth-largest planetary asset, earlier optimism faded connected the Treasury’s stance.

Related: Bitcoin’s firm roar raises ‘Fort Knox’ nationalization concerns

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.