BTC Dipped Below $97k as David Sacks Briefly Mentioned a Bitcoin Strategic Reserve

TL;DR

• Trump’s crypto czar, David Sacks, briefly and cautiously mentioned a Bitcoin strategic reserve as he mostly focused on regulation.

• The press conference disappointed investors and saw BTC’s price crash to the $96k level.

Bitcoin Dipped Below $97k on Disappointing Sacks Conference

The cryptocurrency market was bearish on Tuesday, following a positive start to the week. Bitcoin, the leading cryptocurrency by market cap, lost 1% of its value and dropped to the $96,300 level.

The bearish performance comes after a disappointing press release led by David Sacks, the White House Crypto and AI Czar. Investors had hoped the press conference would focus on the chances of a strategic bitcoin reserve.

However, the press conference focused on regulatory matters and platitudes, with only a brief and cautious mention of a strategic Bitcoin reserve. Sacks said that a White House working group on crypto is investigating the feasibility of such a reserve.

Bitcoin could remain bearish over the coming days and retest the Sunday evening low below the $92,000 level.

Investors are now looking forward to Friday’s NFP data, which could alter or reinforce the current bearish tilt of crypto markets. A poor employment report could increase the chances of a rate cut, resulting in a possible Bitcoin rally. However, a strong print like December could lower the chances of a rate cut in Q1, and Bitcoin’s price could dip.

With Bitcoin’s dominance level now at 60%, altcoins continue to struggle. Most altcoins are down 2% or more in the last 24 hours. With the market currently bearish, the total crypto market cap stands at $3.21 trillion.