Bitcoin sinks below $70,000 after Bessent says the US government can’t tell banks to bail out crypto
Bitcoin (BTC-USD) briefly dipped below $70,000 per token on Thursday 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 on Wednesday, 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.
Bitcoin fell to as low as $69,525 apiece early Thursday, continuing the slump on Wednesday that followed Bessent’s comments.
The decline was also fueled by the broader selling pressure in markets and a warning from notable investor Michael Burry that a sustained decline in…
