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

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

Jerome Powell's comments have had an immediate impact on Bitcoin's market capitalisation, triggering a major fall after the Fed chair commented its position on holding the crypto asset.

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.

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

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

The Federal Reserve has dismissed the possibility of holding a Bitcoin reserve, citing legal and institutional limitations. Fed Chair Jerome Powell reiterated this stance during a routine press conference following the year’s final Federal Open Market Committee (FOMC) meeting,

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,

"We’re not allowed to own bitcoin,” Federal Reserve chair Jerome Powell said. “The Federal Reserve Act says what we can own, and we’re not looking for a law change. That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed."