PK Press Club – The price of the leading cryptocurrency (BTC) literally skyrocketed today as the possibility of announcing the Bitcoin strategic reserve in the near future quickly climbed after a message from Senator Cynthia Lummis.
Lummis said in his X post that something big was going to be announced today. The senator is well known for her pro-Bitcoin stance and was one of the first voices in American politics to promote the idea of building a strategic BTC reserve.
Following this announcement, the price of Bitcoin jumped more than 4.5% in one hour, which is a lot for an asset with a market capitalization exceeding $2,000 billion.
Interestingly, Lummis’ announcement comes just as the cryptocurrency’s price hits the bottom of the $101,300 to $107,100 range in which it has been trading in recent days.
Result
The senator ultimately failed to deliver on his promises by 10 a.m., and according to journalist Eleanor Terrett, the problem is that the Senate Banking Committee is about to vote for Senator Lummis to become chairman of the Subcommittee on Banking. digital assets, and this may be the “big news”. It’s unclear if anything else will be announced, Terrett added.
As a result, the Bitcoin price experienced a painful reversal, falling as much as 3.2% over the past 25 days from the local high of $106,000. The question of whether the Bitcoin strategic reserve will be announced in the near future remains open. But it is now clear that these questions are not yet being addressed.
It could be a fake Bitcoin ETF announcement again because, in 2023, after such an event, we saw a massive pump and dump of the cryptocurrency, which ultimately resulted in a steady rise in BTC prices as the market realized that the approval of the ETF is not yet priced.
