Bitcoin experienced a steep decline following US Treasury Secretary Scott Bessent’s initial announcement that the Strategic Bitcoin Reserve wouldn’t be purchased. His clarification, stating the Treasury is committed to exploring budget-neutral pathways for acquiring more Bitcoin, ultimately helped reverse losses. However, this caused over $1 billion in crypto liquidations and a 24-hour drop of nearly 5%. This move was met with conflicting opinions from experts. While Senator Cynthia Lummis supported Bessent’s clarification and suggested revaluing US gold reserves to fund further Bitcoin accumulation, Peter Schiff warned against printing more dollars for this purpose. Despite a brief rebound, Bitcoin is down over 2% in the last 24 hours, following a record-high of $124,457.12 just yesterday. The incident highlights the volatile nature of the crypto market and shows how significant statements from government officials can have an immediate impact on prices.