Stock Track | Bitcoin ETF BITO Plummets 6.3% as Fed Rules Out Owning Crypto

Stock Track12-19

The ProShares Bitcoin Strategy ETF (BITO) plummeted 6.32% on Wednesday during the intraday trading session, underperforming the broader market. The sharp sell-off in the Bitcoin ETF came after comments from Federal Reserve Chair Jerome Powell stating that the central bank is not permitted to own Bitcoin or other cryptocurrencies.

In his press conference following the latest Federal Open Market Committee meeting, Powell said "We're not allowed to own Bitcoin." He added that any potential changes for the Fed to hold digital assets would require Congressional approval, noting "We are not looking for a law change at the Fed."

Powell's comments dampened speculation that the Fed could build up strategic holdings of Bitcoin as part of its efforts to digitize the monetary system. His remarks triggered a broad sell-off across cryptocurrency markets, with Bitcoin itself dropping around 5% to below $101,000 after recently hitting a record high above $108,000.

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