Key Takeaways
- Bitcoin’s value dropped below $97,000 after a late sell-off, a decrease of 4.8% in the last 24 hours.
- The press conference led by David Sacks focused heavily on regulatory topics, with little mention of a strategic bitcoin reserve.
- The upcoming U.S. jobs report could impact the current bearish trend in cryptocurrency markets.
Bitcoin’s recent upward surge came to a swift halt as it fell to $96,900, struggling to regain momentum after peaking at $101,000 earlier in the day.
The decline started right as Sacks attended a press conference with Senate and House committee leaders, which many had hoped would clarify the potential for a strategic bitcoin reserve. However, discussions remained largely on regulatory frameworks rather than substantial bitcoin strategies.
During the conference, Sacks briefly acknowledged the potential for a strategic reserve but deferred key questions to Lutnick and Bessent, suggesting a lack of immediate clarity on implementation.
As market participants prepare for the upcoming jobs report, the future trajectory of Bitcoin remains uncertain, with a possible retest of recent lows beneath $92,000.
Further, the altcoin market faced steeper losses, with major tokens like Solana (SOL), XRP, Cardano (ADA), and Chainlink (LINK) seeing drops between 6% and 10%. Ether (ETH) also fell by 5.3%.
