Bitcoin (BTC) Slumps To Seven-Week Low As President Trump Dismisses Sitting Fed Governor

Bitcoin (BTC) fell to a seven-week low, falling to a low of $108,670 amid renewed fears over the Federal Reserve’s independence after President Donald Trump said he is removing Federal Reserve Board governor Lisa Cook from her position. The flagship cryptocurrency has struggled in recent sessions, dropping to a low of $110,635 on Sunday and slipping below $110,000 on Monday. BTC is down nearly 2% over the past 24 hours, trading around $110,399. UAE Holds $700M In Bitcoin (BTC) The United Arab Emirates (UAE) holds around $700 million in Bitcoin (BTC) , primarily accumulated through mining operations, according to data from blockchain intelligence platform Arkham Intelligence. Arkham stated in a post on X that it had publicly identified the UAE government’s wallets and discovered they held around 6,300 BTC . According to Arkham, the BTC was mined through Citadel Mining, which is majority-owned by the UAE-owned conglomerate, the International Holding Company (IHC). “BREAKING: THE UNITED ARAB EMIRATES IS NOW ON ARKHAM. The UAE’s $700M BTC holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by Citadel, a public mining company majority owned by the UAE Royal Group through IHC. Arkham is the first to publicly identify these addresses.” The holdings are far less than what was rumored. Analysts and market watchers had speculated that the UAE held around 420,000 BTC , accumulated through criminal seizures. If this figure were true, it would have made the UAE the world’s largest nation-state Bitcoin holder. Arkham stated that in conjunction with Phoenix Group and the IHC, Citadel built a Bitcoin mining facility in Abu Dhabi in 2022. “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction. On-chain transactions between Phoenix and Citadel also match amounts disclosed in official reports.” Arkham estimated that the UAE has mined a total of 9,300 BTC . Boyaa Interactive Expands Bitcoin (BTC) Holdings Boyaa Interactive International Limited has announced the purchase of 290 BTC for $32.9 million. The acquisition takes the company’s Bitcoin holdings to 3,760 BTC , acquired at a cost of around $62,878 per coin. Boyaa Interactive also revealed that its latest purchase required a special disclosure as it exceeded the pre-approved shareholder mandate for Bitcoin purchases. Boya Interactive outlined its strategy in a press release, calling Bitcoin the fuel for its ambitious engine of change. The company says it believes BTC is more than an asset, calling it the fundamental basis for Web3 business deployment, ecosystem construction, and a driver for sustainable development. “The purchase and holding of cryptocurrencies constitute an important foundation and measure in the Group’s implementation of its Web3 strategic transformation.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has struggled after rallying on Friday and reaching an intraday high of $117,416. Market sentiment turned bearish over the weekend thanks to a massive sell order. As a result, BTC fell 1.30% on Saturday and nearly 2% on Sunday, falling to a low of $110,635 before settling at $113,478. Bearish sentiment intensified on Monday as the price dropped almost 3% to a low of $109,275. BTC fell to its lowest level in seven weeks on Tuesday following President Trump’s latest attack on the independence of the Federal Reserve. As a result, traders shunned risk and the flagship cryptocurrency fell to a low of $108,670 before rebounding to reclaim $110,000. President Trump announced on Monday that he was firing Federal Reserve Board Governor Lisa Cook, in a dramatic and unprecedented escalation of his attacks on the central bank over its refusal to slash interest rates. President Trump posted a termination letter on Truth Social, citing allegations by Federal Housing Finance Agency Director Bill Pulte, who claimed she had made false statements on applications for home mortgages. Cook has defiantly refused to surrender, stating, “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.” Cook called her dismissal unlawful and undermined the Federal Reserve’s political independence. The developments rocked the markets and have raised fears of political interference in monetary policy, as investors struggle to assess whether the Fed can deliver policy guidance free of political pressure. BTC started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856. Despite the overwhelming selling pressure, the price was back in positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276. Source: TradingView Selling pressure returned on Thursday as BTC fell 1.57% and settled at $112,480. Bullish sentiment returned on Friday as BTC rallied, rising nearly 4% to reach an intraday high of $117,416 before settling at $116,908. However, the price lost momentum on Saturday, dropping 1.30% to $115,383. Selling pressure intensified on Sunday as BTC plunged to an intraday low of $110,635. However, it rebounded from this level to reclaim $113,000 and settle at $113,478, ultimately dropping nearly 2%. Selling pressure persisted as BTC started the week in the red, dropping almost 3% to a low of $109,275 before settling at $110,127. BTC fell to an intraday low of $108,670 during the ongoing session. However, it rebounded to reclaim $109,000 and is currently trading around $109,686. Some analysts, including Peter Schiff, predicted a drop to $75,000. Others warned that investors were rotating capital out of BTC and other risk assets, amplifying price swings. “Capital is rotating out of risk, with thin weekend liquidity amplifying swings. Ethereum remains a focus for institutions, but the market is now weighing whether this is a pause in the uptrend or the start of a deeper pullback.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.