Bitcoin Price Drops Below $97K After Sacks' Comments on Strategic Reserve Study

The cryptocurrency market experienced a significant downturn on Monday following a weekend rally fueled by tariff-induced uncertainty. The value of Bitcoin dropped by 4.8% over the past 24 hours, settling at $96,900 after briefly reaching $101,000 earlier.

This decline seemed to coincide with a press conference held by David Sacks, the White House's crypto and AI adviser, alongside key Senate and House committee leaders. Expectations for a discussion on a strategic Bitcoin reserve were unmet, as the focus was predominantly on regulatory issues.

When asked about the feasibility study on a strategic Bitcoin reserve, Sacks indicated 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. This response may have disappointed investors who were hoping for more concrete progress on a national Bitcoin reserve.

The altcoin market faced even steeper declines, with Solana, XRP, Cardano, and Chainlink falling between 6% and 10%, while Ether decreased by 5.3%. Looking ahead, Bitcoin may be poised to test its recent low below the $92,000 range, depending on future market developments.