Overview

• Treasury Secretary Scott Bessent announced the U.S. will stop buying Bitcoin for its strategic reserve and use only confiscated crypto to increase holdings.
• The Treasury will also halt all sales of existing Bitcoin holdings it controls, removing a predictable seller from the market.
• Bessent estimated the reserve’s value at between $15 billion and $20 billion in his Fox Business interview.
• Bitcoin plunged from intraday highs near $124 120 to below $119 000 after the policy clarification removed expectations of government market support.
• Crypto futures platforms recorded roughly $450 million in forced liquidations as traders adjusted to the sudden shift in government strategy.