Part of the sell-off was catalyzed by Wednesday’s news that the Federal Reserve would not hold bitcoin in its reserve, prompting the world’s largest cryptocurrency to dip by 7

Bitcoin's price dipped Wednesday after Federal Reserve Chairman Jerome Powell said the central bank is not looking to hold the cryptocurrency.

Bitcoin, XRP and Dogecoin saw sharp declines following the Federal Reserve's announcement of a rate cut on Dec. 18, 2024.

Federal Reserve Chair Jerome Powell has ruled out the possibility of the central bank adding Bitcoin to its balance sheet, citing legal restrictions under the Federal Reserve Act. Powell addressed the issue during a Dec. 19 press conference, emphasizing that the Fed is not pursuing any legislative changes to alter this position.

By Michael S. Derby and Ann Saphir NEW YORK (Reuters) -Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

Federal Reserve Chairman Jerome Powell took a bite out of Bitcoin's historic price surge. In a press conference on Wednesday, he said the central bank is not currently looking to build a reserve of Bitcoin,