The price of Bitcoin is testing $100,000 after Fed Chair Jerome Powell issued a statement on the central bank’s ability to hold BTC. Powell took questions from reporters after announcing the Fed has lowered its key interest rate by a quarter percentage point in its third consecutive reduction.

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

Fed rules out Bitcoin reserves as Chair Powell cites legal constraints. Bitcoin drops after rate cut, while Trump’s BTC reserve plan faces scrutiny.

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.

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.

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,

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

"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."

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.

Following Federal Reserve Chair Jerome Powell's comments over Bitcoin reserve, BTC price crashed by over 8%. Likewise, the overall market cap of cryptocurrency has also plummeted by over 4% to USD 3.31 trillion.