Bitcoin Prices Plummet After Sacks' Comments on Strategic Reserve Study

The cryptocurrency market experienced a downturn on Sunday, following a weekend rally fueled by uncertainty over tariffs. By the end of the U.S. trading session, Bitcoin's value had dropped by 4.8% over the past 24 hours, settling at $96,900. This price drop came after Bitcoin briefly reached $101,000 earlier.

The altcoin market saw even steeper declines, with Solana, XRP, Cardano, and Chainlink falling between 6% and 10%. Ether decreased by 5.3% over the same period.

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