Bitcoin sinks after Treasury Secretary Bessent says US government can't tell banks to bail out crypto [View all]

Source: Yahoo Finance

Bitcoin (BTC-USD) fell 2% on Wednesday to around $73,000 per token after Treasury Secretary Scott Bessent suggested the US government would not bail out the cryptocurrency.

In a heated back-and-forth during a House Financial Services Committee hearing, Bessent was asked if the US Treasury had the authority to buy bitcoin or other cryptos.

"I do not have the authority to do that, and as chair of FSOC, I do not have that authority," Bessent stated.

The decline on Wednesday was also fueled by the broader selling pressure in markets and a warning from notable investor Michael Burry that a sustained decline in bitcoin's price could "set in motion a death spiral leading to massive value destruction."

Read more: https://finance.yahoo.com/news/bitcoin-sinks-after-treasury-secretary-bessent-says-us-government-cant-tell-banks-to-bail-out-crypto-195504406.html