Bitcoin Price Surges Amid Announcement Tease

The price of bitcoin briefly popped to $106,000 after Sen. Cynthia Lummis—an advocate for a national bitcoin reserve—teased an upcoming announcement. However, it dropped back down after word spread that the news was unrelated to such plans.

An hour ago, Sen. Lummis stated that “big things are coming” and urged her X followers to stay tuned for 10 A.M. This led to speculation and a surge in the bitcoin price over potential announcements linked to a bitcoin reserve.

However, Fox reporter Eleanor Terrett revealed that the Senate Banking Committee would vote at 10 A.M. EST on Lummis becoming chair of the digital assets subcommittee. She was unaware of any further news.

The Block confirmed that this was the announcement Lummis referenced, and she later confirmed winning the chair position in a post at 10:45 a.m. ET. Lummis’ tease pushed the bitcoin price up by $4,000.

As previously reported, the U.S. Senate Banking Committee is set to have crypto-friendly Lummis lead a newly created digital asset subcommittee, which includes fellow lawmakers Sen. Bill Hagerty (R-Tenn.) and newly elected Sen. Bernie Moreno (R-Ohio).

A Strong Advocate for the Crypto Industry

Lummis, now chairing the digital asset subcommittee, has been a strong advocate for the crypto industry for years. She aims to establish a strategic bitcoin reserve and introduced a draft bill allowing U.S. states to hold bitcoin.

The proposed “Bitcoin Purchase Program” aims to buy up to 200,000 bitcoin annually over five years, totaling 1 million BTC. Moreover, she urges the U.S. Treasury to publish quarterly reports regarding these holdings, with states allowed to participate under specific security protocols.

Recently, President Donald Trump suggested a bitcoin reserve that could include USDC, SOL, and XRP.

Lummis has also focused on the issue of debanking in the crypto sector. Many in the industry accuse the Biden administration of blocking crypto access to banking services, terming it “Operation Choke Point 2.0.” This term references a past initiative aimed at limiting banking for high-risk industries.

Federal agencies assert they do not discourage financial institutions from engaging with crypto. In the 2024 Risk Review report, agencies emphasized that banks are not prohibited from servicing any specific customer class, including those in crypto.

Last week, Lummis threatened legal action against the FDIC over claims of destroying digital asset-related materials.