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Bitcoin sinks following hotter-than-expected inflation print, Bessent comments on strategic reserve
Bitcoin (BTC-USD) retreated more than 3% from its record highs on Thursday after hotter-than-expected inflation soured expectations of a large rate cut in September and Treasury Secretary Scott Bessent signaled the US won't be purchasing bitcoin for its strategic reserve.
On Wednesday, bitcoin touched an all-time high past $123,500 per token in anticipation of looser monetary policy and corporate purchases. Crypto rolled over after July's Producer Price Index came in much higher than expected.
During an interview with Fox Business, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's prices.
"We've also started to get into the 21st century — a bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up," he said.
Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven up the price of the asset this year.
The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows.
Read more: How would Trump's strategic bitcoin reserve work?
CCC - CoinMarketCap • USD # (BTC-USD)
Strategists also point to the Trump administration’s pro-crypto stance as a major catalyst.
"The administration is pushing crypto. They are pushing bitcoin. Bitcoin is the lead dog in the crypto market," Tom Essaye, founder of Sevens Report Research, told Yahoo Finance earlier this week.
"So is it short-term a little frothy? Sure," he added. "But longer term, there are some fundamental changes here that I think are bullish for it."
Last week, President Trump issued an executive order directing the Labor Department to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets, a move that could significantly expand retail investor access to crypto.
The price surge also comes as US equities have notched all-time records on expectations the Federal Reserve will cut interest rates in September and that Trump's next Fed chair pick will likely favor looser monetary policy.
Meanwhile, ethereum (ETH-USD) prices also retreated more than 3% on Thursday after rising to near record levels as Wall Street grows increasingly bullish on the world's second-largest cryptocurrency by market cap.
Story ContinuesCompanies have been adding ether to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins.
Three physical replicas of ethereum coins lie on a wooden table. (Fernando Gutierrez-Juarez/picture alliance via Getty Images) · picture alliance via Getty Images Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
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