Chairman Powell clarified the Fed's position on Bitcoin during a press conference, stating their inability to hold the cryptocurrency is dictated by the Federal Reserve Act.
Following Powell's comments, Bitcoin's price took a significant hit, falling over 5% to about $95,000, exacerbating losses in other cryptocurrencies like Ethereum and Dogecoin.
Trump's vision of the U.S. as 'crypto capital of the planet' contrasts with the Fed's stance, highlighting differing perspectives on cryptocurrency's future in America.
The fallout from the Fed's decision extended beyond Bitcoin, leading to a wave of liquidations in investors' leveraged crypto positions, amounting to a staggering $1.2 billion.
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