Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

Bitcoin's drop of around 10% in the last 24 hours was dwarfed by ethereum and smaller, top ten cryptocurrencies that crashed back by between 15% and

Bitcoin, riding record highs following Donald Trump's embrace of the digital cryptocurrency, came back down to earth after Federal Reserve Chairman Jerome Powell said the central bank is not looking to hold it.

Federal Reserve Chair Jerome Powell stated the central bank does not wish to partake in government efforts to establish a bitcoin reserve. While speculative values rose post-election, Powell, alongside European officials,

Bitcoin dropped for the fourth day, influenced by Jerome Powells hawkish comments and a 25-basis-point Fed rate cut. Cryptos faced a sharp correction, with significant declines across major altcoins.

Powell said that the Federal Reserve Act does not allow the central bank to hold Bitcoin, leaving the decision to Congress.

The Fed has implemented another 0.25% interest rate cut with Jerome Powell highlighting economic stability as guidance for future cuts

Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. central bank has no desire to be involved in any government effort to hold large amounts of bitcoin. "We’re not allowed to own bitcoin,

Then here comes Bitcoin, the decentralized, no-rules wild card of global finance. It’s absolutely no surprise that Powell is skeptical. But the reasons for

Bitcoin ETFs have shown an increase in premarket, even as Federal Reserve Chair Jerome Powell made it clear that the central bank has no plans to accumulate Bitcoin (CRYPTO: BTC). What Happened: As per Benzinga Pro on Thursday,

A tiny bit of shine came off bitcoin when Federal Reserve Chair Jerome Powell poured cold water on the idea of the U.S. government holding a cryptocurrency reserve.