Bitcoin Plunges as Bessent Policy Change Sparks Crypto Market Chaos

The Bitcoin market experienced a dramatic downturn on August 14, 2025, when it hit an all-time high of $124,457 before crashing sharply. This plunge was triggered by Treasury Secretary Scott Bessant’s unexpected announcement to halt Bitcoin purchases for the U.S. reserve and subsequent policy shift, sending shockwaves through the crypto world. The result: a massive $133 billion drop in market value over 24 hours, wiping out billions from leveraged positions and causing volatility across the ecosystem.