Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin.

Bitcoin's drop of around 10% in the last 24 hours was dwarfed by ethereum and smaller, top ten cryptocurrencies that crashed back by between 15% and

Bitcoin, riding record highs following Donald Trump's embrace of the digital cryptocurrency, came back down to earth after Federal Reserve Chairman Jerome Powell said the central bank is not looking to hold it.

Powell said that the Federal Reserve Act does not allow the central bank to hold Bitcoin, leaving the decision to Congress.

Federal Reserve Chair Jerome Powell stated the central bank does not wish to partake in government efforts to establish a bitcoin reserve. While speculative values rose post-election, Powell, alongside European officials,

Bitcoin dropped for the fourth day, influenced by Jerome Powells hawkish comments and a 25-basis-point Fed rate cut. Cryptos faced a sharp correction, with significant declines across major altcoins.

The Fed has implemented another 0.25% interest rate cut with Jerome Powell highlighting economic stability as guidance for future cuts

Jerome Powell's comments have had an immediate impact on Bitcoin's market capitalisation, triggering a major fall after the Fed chair commented its position on holding the crypto asset.

Trump once called bitcoin "a scam against the dollar," but he has since changed his stance — and profited from crypto.

Bitcoin (BTC), after managing to chart an all-new ATH of $107k last week, has taken a hit over the weekend, dipping down to the $92,000 range, before recovering again. Weak inflation figures and US Fed Chair Jerome Powell’s strong stance against crypto is believed to be driving this recent dip.

Cocoa has outpaced the rise in the U.S. stock market and bitcoin, with prices for chocolate's main ingredient having nearly tripled in 2024. The rally shows little signs of ending, with cocoa's 2023 to 2024 marketing year having ended with the biggest global supply deficit in 60 years, according to ING.