Bitcoin Plunges Below $97K After Sacks Disappoints on Strategic Reserve Study

Bitcoin's value plummeted by 4.8% in just 24 hours, settling at $96,900 after briefly touching $101,000 earlier.

The cryptocurrency market as a whole saw even steeper declines, with Solana, XRP, Cardano, and Chainlink falling between 6% and 10%, while Ether decreased by 5.3%

This late-day drop coincided with a press conference held by David Sacks, the White House's crypto and AI adviser, who disappointed investors by not addressing their expectations for a discussion on a strategic bitcoin reserve.

In response to inquiries about the feasibility study, Sacks pointed out that this topic should be directed to Commerce Secretary nominee Howard Lutnick and Treasury Secretary Scott Bessent, who will lead the sovereign wealth fund initiative.