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…
