Bitcoin Price Drops as DOJ Subpoenas Fed Chair Powell, Testing Crypto Safe-Haven Status

Bitcoin (BTC) faced significant selling pressure, undermining its perceived role as a digital safe-haven asset. The downturn coincided with news that the U.S. Department of Justice (DOJ) issued a subpoena to Federal Reserve Chair Jerome Powell. This regulatory scrutiny contributed to broader market uncertainty, impacting cryptocurrency valuations. The event highlights the sensitivity of crypto markets to traditional financial regulatory developments and challenges the narrative of Bitcoin operating independently from mainstream finance. Market analysts are closely watching the situation for potential long-term implications on investor confidence and regulatory approaches toward digital assets.