Bitcoin Price Plummets After US Rules Out New Crypto Purchases

The price of Bitcoin (BTC) experienced a significant drop this Thursday, plummeting by nearly 4% after U.S. Treasury Secretary Scott Bessent confirmed the government’s decision to halt new Bitcoin purchases for its strategic reserve. This news followed reports of the U.S. Treasury’s commitment to selling existing cryptocurrency holdings. As a result, Bitcoin’s price has fallen below $120,000 on exchanges like Bitstamp, while many altcoins have suffered significant losses, including XRP which dropped by 7% in minutes and briefly fell below the $3 level.