Pakinomist – The price of the leading cryptocurrency (BTC) has literally skyrocketed today as the possibility of the Bitcoin Strategic Reserve being announced in the near future has quickly increased following a post by Senator Cynthia Lummis.
Lummis said in his X post that something big will be announced today. The senator is known for his pro-Bitcoin stance and was one of the first voices in US politics to promote the idea of building a strategic reserve in BTC.
As a result of this announcement, the price of Bitcoin increased by over 4.5% in one hour, which is a lot for an asset with a market cap of over $2 trillion.
Interestingly, Lummis’ announcement came just as the price of the cryptocurrency hit the bottom of the $101,300-$107,100 range it had been trading in for the past few days.
Result
The senator ultimately failed to deliver on a promised announcement at 10 a.m., and according to reporter Eleanor Terrett, the problem is that the Senate Banking Committee is set to vote on Sen. Lummis to chair the Digital Assets Subcommittee at that time, and that could be the “big news.” It’s unclear if anything else will be announced, Terrett added.
As a result, the price of Bitcoin has experienced a painful reversal, falling as much as 3.2% in the last 25 days from local highs of $106,000. Whether the Bitcoin Strategic Reserve will be announced in the near future remains an open question. But it is now clear that such cases have not yet been priced in.
It could be a situation of fake Bitcoin ETF announcements again, although in 2023, after such an event, we saw a massive pump and dump of the cryptocurrency, which eventually resulted in a steady BTC price increase as the market realized that approval of The ETF has not yet been priced.
