Will US Sen. Lummis make the big Bitcoin announcement?

US Republican Sen. Cynthia Lummis is reportedly looking ahead to the Nashville Bitcoin Conference in order to introduce Bitcoin-linked legislation. Former President Donald Trump is also set to address the gathering.

Recently, Sen. Lummis slammed Joe Biden’s office proposal to press a 30% tax on Bitcoin mining operations. She called it an attack on the innovation. The biggest digital asset has seen very fluctuating past months as its price surged by 5% in the last 30 days, while it is down by 7% over the past 60 days.

Also read: Kamala Harris’ crypto policy could differ from Biden

Lummis wants the Fed to HODL Bitcoin

FOX Business reported that the soon-to-be-announced legislation aims to establish Bitcoin as a mainstream financial asset. It urges the Federal Reserve to hold BTC as a strategic reserve asset. The crypto industry is already expecting some big moves as the US Presidential elections close in.

The report mentioned that several crypto executives revealed that Lummis has been working over the bill quietly and the announcement can be delayed. It added that the Senator could mention the bill at the time of the fireside chat on Friday.

Also read: Ether crashes 8% as ETH ETFs record heavy outflow

Senator Cynthia Lummis in an X post stated that big things are in store this week and asked the community to stay tuned. The report highlighted that the initial drafts intends the Fed to buy Bitcoin and keep it as a reserve asset. This can be done in the same way the central bank holds gold. However, the US holds around 210K Bitcoins due to the Department of Justice (DOJ) seizing operations from illicit factors.

Market crashes as Bitcoin drops 4%

BTC price declined by 4% over the past 24 hours. The biggest crypto saw a plunge from $64,000 levels directly to $63,000 levels. Bitcoin is trading at an average price of $63,991, at the press time. It is still up by over 50% over the year to date (YTD).

Overall crypto market printed red indexes on Thursday as the cumulative capitalization dropped by almost 5%. Ether (ETH), the second biggest crypto, plunged by 10% in the last 24 hours failing to hold the $3,200 mark. ETH is now down by 17% over the last 60 days.

Recently launched ETH exchange-traded fund (ETF) recorded a massive outflow of Market data from SoSoValue shows that ETHE had a net outflow of over $810 million. Ether is trading at an average price of $3,129, at the press time.

Also read: Solana staking eats into the free supply as whales move in

Dogecoin, the biggest meme crypto, also declined by more than 8% in the last 24 hours. DOGE is trading at an average price of $0.123, at the press time. The popular meme coin has seen a fall of 26% over the past 60 days.