Bitcoin fell below $119,000 on Thursday after US Treasury Secretary Scott Bessent announced that the government would not be making new purchases of Bitcoin for its reserve. At the time of writing, Bitcoin was trading at $118,730, marking a decline below the key psychological support level of $120,000. Bessent's remarks came during an interview, in which he stated that instead of buying Bitcoin, the government will focus on utilizing confiscated assets to bolster its digital asset reserve. This statement is contrary to previous signals from the Trump administration, which had pushed for strategies aimed at increasing Bitcoin holdings through budget-neutral means. The sudden drop in Bitcoin's value came shortly after it had shown potential for growth, as there had been optimism about its position as a leading global asset.

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