Bitcoin price surged after Senator hinted at announcement, but dropped 3.2% when announcement failed

From Investing.com on January 23, 2025 at 2:30:20 pm is “Investing.com”.:

The price of Bitcoin surged by over 4.5% after Senator Lummis hinted at a big announcement regarding a Bitcoin Strategic Reserve. The price increase came after the cryptocurrency hit the bottom of its trading range. However, Lummis failed to deliver on the promised announcement, causing a 3.2% price drop.

Journalist Eleanor Terrett suggested that the “big news” may be Lummis becoming chairman of the Subcommittee on Digital Assets. This uncertainty led to a Bitcoin price reversal, with the possibility of the Bitcoin Strategic Reserve being announced still unclear. The market may be experiencing a situation similar to the 2023 Bitcoin ETF fake announcement.

Read more at Investing.com: Bitcoin Euphoria Turns to Dump as US Senator’s Hint Fails By U.Today