Bitcoin's price fell below the $100,000 mark on Thursday, settling at $98,655.49, following the inclusion of a hemp ban in the U.S. government funding bill. The unexpected provision, which aims to address a loophole in the 2018 Farm Bill allowing hemp products with high THC levels, has sparked concerns over its impact on the $28 billion hemp industry and 300,000 jobs. The move, supported by Senator Mitch McConnell, faced criticism from Senator Rand Paul, who labeled it reckless.
The market reaction saw Bitcoin experiencing a 2.63% decline over the week, with trading volumes surging by 45.41% to $92.65 billion, reflecting heightened market activity amid the legislative developments.
Bitcoin Dips Below $100K Amid U.S. Hemp Ban Concerns
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
