📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ
Bitcoin drops below $119K after US Treasury secretary rules out new BTC buys
Bitcoin dropped below a key support level Thursday after US Treasury Secretary Scott Bessent said the government had no plans to make additional purchases of Bitcoin for its Bitcoin and digital asset reserve.
Bitcoin (BTC) fell below the $120,000 psychological support level and traded at $118,730 at the time of writing, Cointelegraph data showed.
“We’ve also started to get into the 21st century, a Bitcoin reserve. We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” Bessent said.
In April, Bo Hines, who at the time was a part of the Presidential Council of Advisers for Digital Assets, said the administration was exploring funding options for Bitcoin acquisitions, including tariff revenue and a reevaluation of the Treasury’s gold certificates.
Thursday’s drop came just hours after Bitcoin briefly overtook Google’s $2.4 trillion market capitalization to become the fifth-largest global asset, before optimism faded on the Treasury’s stance.
Related: Bitcoin’s corporate boom raises ‘Fort Knox’ nationalization concerns
This is a developing story, and further information will be added as it becomes available.