Coin Stories News Block: Bitcoin Record High, Treasury Flip-Flop on SBR, and America’s First Mining Rig
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Aug 18, 2025 Bitcoin recently soared to an impressive $124,000 before a sharp decline raised questions about market dynamics. Confusion ensued after the U.S. Treasury Secretary hinted at a potential Bitcoin reserve strategy. Meanwhile, Norway's $1.8 trillion wealth fund is ramping up its Bitcoin investments, signaling growing institutional interest. Innovations in Bitcoin mining were highlighted with the release of America’s first modular mining rig, promising more efficient operations for miners. The looming possibility of a Fed rate cut could also impact Bitcoin's trajectory.
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Treasury Comments Move Markets
- Scott Bessent's TV comments caused a sudden market sell-off after he downplayed U.S. Bitcoin purchases and gave a smaller estimate of government holdings.
- The episode shows how sensitive Bitcoin markets are to official statements about reserves and purchases.
Quick Walk-Back On Twitter
- Hours after the Fox interview, Scott Bessent posted a clarification on X reiterating the use of forfeited Bitcoin as the reserve foundation.
- The quick walk-back reassured markets that the administration remains committed to exploring budget-neutral acquisition paths.
Rate-Cut Pressure Is Bitcoin-Friendly
- Bessent publicly urged the Fed to cut rates by at least 1.5 percentage points, increasing chances of easier monetary policy.
- Markets priced an 85% probability of a September cut, which could be a tailwind for Bitcoin via more liquidity.