{"id":43637,"date":"2024-12-19T01:35:56","date_gmt":"2024-12-19T01:35:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-prices-dip-as-powell-rules-out-federal-reserve\/"},"modified":"2024-12-19T01:35:56","modified_gmt":"2024-12-19T01:35:56","slug":"bitcoin-prices-dip-as-powell-rules-out-federal-reserve","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-prices-dip-as-powell-rules-out-federal-reserve\/","title":{"rendered":"Bitcoin Prices Dip as Powell Rules Out Federal Reserve"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Federal Reserve Chair Jerome Powell has reaffirmed the central bank\u2019s position on Bitcoin reserves, stating that U.S. laws prohibit the Federal Reserve from owning <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a>. Speaking at a post-Federal Open Market Committee (FOMC) conference following the announcement of a 25 basis point interest rate cut, Powell clarified that the Federal Reserve is not legally authorized to hold Bitcoin and has no intention of pursuing legal changes to facilitate a government-managed Bitcoin reserve.<\/p>\n<p>Powell\u2019s statements come amid growing discussions about Bitcoin\u2019s role in the global financial system. Notably, his remarks gained attention because they follow recent developments in U.S. politics, including the election of Donald Trump as the nation\u2019s 47th president. Trump\u2019s administration has signaled interest in exploring a national strategic Bitcoin reserve, making Powell\u2019s comments particularly relevant.<\/p>\n<p>The Federal Reserve\u2019s stance is consistent with Powell\u2019s previous statements, where he has repeatedly dismissed the possibility of a Bitcoin reserve. His comments reiterate the central bank\u2019s focus on its legal mandate and its reluctance to engage with Bitcoin as an asset class.<\/p>\n<p>The timing of Powell\u2019s remarks coincided with Bitcoin\u2019s continued decline in price. <strong>Following the Fed\u2019s announcement of a rate cut, Bitcoin experienced a drop of 2.1% within an hour, trading around $100,800 at the time of writing.<\/strong> Market analysts suggest that interest rate changes and regulatory uncertainty often impact Bitcoin prices, as investors weigh the implications for the broader economy.<\/p>\n<p>While the Federal Reserve maintains its distance from Bitcoin, the broader U.S. financial landscape continues to engage with digital assets in various capacities. Trump\u2019s proposed strategic Bitcoin reserve, though still in early stages, highlights the growing conversation around cryptocurrency\u2019s role in national financial strategies. However, for now, Powell\u2019s stance signals no immediate shift in the central bank\u2019s approach.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/jerome-powell-rejects-federal-reserve-ownership-of-bitcoin\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Federal Reserve Chair Jerome Powell has reaffirmed the central bank\u2019s position on Bitcoin reserves, stating that U.S. laws prohibit the Federal Reserve from owning Bitcoin. Speaking at a post-Federal Open Market Committee (FOMC) conference following the announcement of a 25 basis point interest rate cut, Powell [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":43638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43637"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43637"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43638"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}