Get ready for a rollercoaster ride, because the price of Bitcoin (BTC) just went on a wild joyride! Why, you ask? Well, Senator Cynthia Lummis, the pro-Bitcoin politician, tweeted that something “big” was coming. And, boy, did the Bitcoin world get excited!
Lummis is known for her love of Bitcoin and has been promoting the idea of creating a strategic reserve in BTC. So, when she hinted at an upcoming announcement, people were quick to buy in, causing the price to soar by over 4.5% in just one hour!
But, alas, the Senator’s big announcement turned out to be… a dud. Instead of revealing the Bitcoin Strategic Reserve, she left everyone hanging, as she was scheduled to vote on becoming the chairman of the Subcommittee on Digital Assets at 10:00 a.m. Ouch!
The Senate Banking Committee is set to vote at a 10AM EST markup on @SenLummis becoming chair of the digital assets subcommittee.
Unclear if anything else will be announced.
— Eleanor Terrett (@EleanorTerrett) January 23, 2025
As a result, Bitcoin’s price took a nosedive, falling by as much as 3.2% from its local highs of $106,000. But hey, at least we got a thrilling ride out of it! Will the Bitcoin Strategic Reserve ever be announced? Only time will tell. But for now, it looks like the market is still coming to terms with the fact that such matters aren’t priced in yet.
Could this be another Bitcoin ETF fake announcement situation? It’s possible! In 2023, we saw a massive pump and dump after a similar event, only to see the market rally steadily as people realized that the ETF approval wasn’t priced in yet. So, buckle up, Bitcoin fans! It’s going to be an interesting ride!
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2025-01-23 19:23