Trump meets Zelenskiy, says Putin wants war to end, mulls trilateral talks
U.Today - The price of the leading cryptocurrency Bitcoin (BTC) has literally skyrocketed today as the possibility of the Bitcoin Strategic Reserve being announced in the near future has quickly soared after a post by Senator Cynthia Lummis.
Lummis said in her X post that something big is going to be announced today. The senator is well known for her pro-Bitcoin stance and was one of the first voices in U.S. politics to promote the idea of building a strategic reserve in BTC.
As a result of this announcement, the price of Bitcoin surged by over 4.5% in an hour, which is a lot for an asset with a market cap of over $2 trillion.
Interestingly, Lummis's announcement came just as the price of the cryptocurrency hit the bottom of the $101,300-$107,100 range it had been trading in for the past few days.
Outcome
The senator ultimately failed to deliver on a promised 10:00 a.m. announcement, and according to journalist Eleanor Terrett, the issue is that the Senate Banking Committee is set to vote on Senator Lummis becoming chairman of the Subcommittee on Digital Assets at this time, and that may be the "big news." It is unclear if anything else will be announced, Terrett added.As a result, the price of Bitcoin has experienced 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 such matters are not yet priced in.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
It could be a Bitcoin ETF (TSX:EBIT) fake announcement situation once again, though, as, in 2023, after such an event, we saw a massive pump and dump of the cryptocurrency, which eventually resulted in a steady BTC price rally as the market realized that the approval of the ETF is not yet priced in.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.