Bitcoin drops below $100,000 as Powell rejects BTC Reserve plan

Bitcoin dropped below $100,000 on Wednesday night, down 6% in 24 hours and trading at $99,047.7, following comments from US Federal Reserve Chairman Jerome Powell. Powell has rejected the idea of the United States establishing a national Bitcoin reserve fund, stating that the central bank “is not seeking a change in the law” and is not allowed to hold Bitcoin. This has led to a sharp correction after Bitcoin surged to a new record high of $108,000 earlier this week. Please provide the text to be translated. The impact is felt across the entire market, with major altcoins also experiencing significant losses. Ethereum (ETH) is down 6.5% and XRP is down 12.64%. The GMCI 30 index, which tracks the performance of top cryptocurrencies, has decreased by 7.18% in the past day. The recent price increase of Bitcoin has been driven by comments from US President-elect Donald Trump on creating a national Bitcoin reserve fund. Some states, including Texas and Florida, have also seen efforts to build state-backed Bitcoin reserves, fueling market optimism. Despite the cryptocurrency market downturn, Powell’s comments are just part of a larger economic picture. The US Federal Reserve’s decision to cut interest rates by 25 basis points on Wednesday, while signaling fewer cuts in 2024, has contributed to the market downturn. With the ongoing instability, many people are closely monitoring how the market will react to political and economic changes in the coming months. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)