Bitcoin Tumbles Below $97K in Aftermath of David Sacks’ Press Conference.

The brief bitcoin rally triggered by trade war fears has quickly fizzled out, with prices falling once again.

By late afternoon in the U.S., bitcoin had dropped by 4.8%, reaching $96,900 after briefly spiking to $101,000 earlier in the day. Altcoins fared even worse, with solana (SOL), XRP, cardano (ADA), and chainlink (LINK) all dropping between 6% and 10%, while ether (ETH) saw a 5.3% decline.

The timing of the downturn coincided with a press conference featuring White House crypto and AI czar David Sacks, along with key Senate and House committee leaders. While the market had hoped for announcements regarding a potential U.S. bitcoin reserve, the discussion instead centered on regulatory issues, with only a brief mention of bitcoin. Sacks did confirm that the White House crypto working group is exploring the possibility of a bitcoin reserve, though no concrete details were provided.

At present, bitcoin appears to be gearing up for a possible retest of its recent low below $92,000. Friday’s U.S. employment report could provide the next major market catalyst, with a weak result potentially sparking speculation about Federal Reserve rate cuts, which could lift prices. On the other hand, a stronger report might reignite fears of rate hikes, posing a headwind for bitcoin and other cryptocurrencies.