The most recent price action of Bitcoin and the broader cryptocurrency markets reflects the disappointment in the most recent press conference held by the crypto and AI czar in the US \u2013 David Sacks. Markets are shaky and unconvincing, clearly suggesting that investors were expecting something more.<\/p>\n
Bitcoin Price Struggles Below $100K<\/h2>\n
After recovering above the pivotal psychological and, to some extent \u2013 technical level of $100,000, Bitcoin\u2019s price tumbled yesterday. The buyers were unable to defend this point, allowing the bears to take control and push it down to where it currently trades below $98,000. This reflects a decrease of around 1.4% over the past 24 hours.<\/p>\n That said, there\u2019s a clear reason for the decline. The drop coincided with the press conference held by the US crypto and AI czar under Trump\u2019s administration \u2013 David Sacks. Speaking for the first time since he was elected, Sacks shed some light on their future plans concerning crypto, and it appears that investors were disappointed. Many expected the confirmation of a Bitcoin-only strategic reserve, while the politicians said they are currently exploring both options \u2013 a single-asset reserve and a \u201cdigital asset\u201d stockpile- as President Trump has tasked them to explore the feasibility of both.<\/p>\n Moreover, Sacks said their very first priority would be on regulating stablecoins and that he expects laws to pass Congress in six months.<\/p>\n Politics aside, Bitcoin\u2019s dominance \u2013 the metric used to gauge its share relative to that of the rest of the market \u2013 is currently at a 4-year high, standing tall at 58%.<\/p>\n Building on the above, the fact that Bitcoin\u2019s dominance is that high simply means that altcoins are failing to keep up. This can be clearly observed in their weekly performance.<\/p>\n While Bitcoin is down 4.2% on the week, Ethereum is down by 11%, XRP \u2013 by 18%, Solana \u2013 by 11%, BNB \u2013 14%, DOGE \u2013 by 19%, and so forth \u2013 you get the gist.<\/p>\n Of course, this doesn\u2019t mean there are no exceptions. On a daily basis, TRUMP \u2013 the official token launched by the US President \u2013 soared by 10% today, while AAVE, ARB, and SUI are all charting gains of around 5-6%.<\/p>\n Meanwhile, on a weekly scale, Mantra (OM) is up by 26%, while Hyperliquid\u2019s HYPE is up by about 13%.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.<\/span><\/span><\/p>\n<\/div>\nSome Altcoins Soar<\/h2>\n
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