Altcoin News Official TheBitTimes.com

Bitcoin plunged after US Treasury Secretary Scott Bessent ruled out government purchases for the Strategic Bitcoin Reserve, sparking over $1 billion in crypto liquidations—and then he backtracked. During a Fox Business interview, Bessent initially said the Treasury would not be buying Bitcoin for its strategic reserve, sending Bitcoin to a 24-hour low of $117,254. “We’ve also started to get into the 21st century, a Bitcoin reserve,” Bessent said during an interview with Fox Business. “ We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up.”  Long positions on Bitcoin and Ethereum were hit hardest, wiping out more than $500 million combined. Sentiment was already vulnerable after a hotter-than-expected Producer Price Index (PPI) inflation. W holesale prices soared 0.9% in July, far above analyst estimates, sparking fears that a potential interest rate cut would be postponed. Then cam...

April saw an uptick in efforts to establish a Bitcoin (BTC) reserve in Sweden. Within ten days, two members of the Riksdag – the Swedish Parliament – urged the country’s finance minister, Elisabeth Svantesson, to consider adding the cryptocurrency to the national holdings. The more recent of the two was submitted on Monday, April 14, by Dennis Dioukarev, who urged the government to consider whether Sweden would be wise to follow the United States in adding BTC to its reserves to bolster its foreign currency and gold stockpile. Instead of using taxpayer money to purchase Bitcoin, the MP also proposed that the Kingdom could follow America’s example and transfer digital assets seized as part of law enforcement action into more permanent custody. According to the letter, Svantesson has until noon on April 23 to offer her reply. Today I submitted a question to the swedish minister of finance @ElisabethSvan regarding a strategic bitcoin reserve for the centr...