Bitcoin, high on Trump, sobers up after Fed statements
SalonBitcoin, 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. Related The Crypto Revolution comes to Washington "The Federal Reserve Act says what we can own, and we're not looking for a law change," Powell said. On the campaign trail, Trump pledged to make the U.S. the "crypto capital of the planet" and helped launch a crypto business with his friend Steve Witkoff, a co-chair of Trump's inaugural committee who has been named special Middle East envoy. Bitcoin soared earlier this month after Trump nominated crypto backer Paul Atkins as Securities and Exchange Commission chair to take over from Biden appointee Gary Gensler, who led a crypto crackdown.