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.
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.
It could be a Bitcoin ETF 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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
