PakGazette – The price of the leading cryptocurrency (BTC) has literally skyrocketed today, as the possibility of the Bitcoin Strategic Reserve being announced in the near future has skyrocketed rapidly following a post by Senator Cynthia Lummis.
Lummis said in his X post that something big will 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 reserve in BTC.
As a result of this announcement, the price of Bitcoin rose by more than 4.5% in one hour, which is a lot for an asset with a market capitalization of more than $2 trillion.
Interestingly, Lummis’ announcement came just as the cryptocurrency’s price hit the bottom of the $101,300-$107,100 range it had been trading in for the past few days.
Result
The senator ultimately failed to deliver on his promised 10:00 a.m. announcement and, according to journalist Eleanor Terrett, the problem is that the Senate Banking Committee is set to vote for Senator Lummis to become chair of the Digital Assets Subcommittee. right now, and that may be the “big news.” It’s unclear if anything else will be announced, Terrett added.
As a result, Bitcoin price has undergone 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 these matters are not yet included in the price.
However, it could again be a fake Bitcoin ETF announcement situation as, in 2023, after such an event, we saw a massive pump and dump of the cryptocurrency, which eventually resulted in a steady rally in the price of BTC when the market realized that the ETF approval is not yet included in the price.
