Bitcoin Falls to Under $97K Following David Sacks’ Media Event.

Bitcoin’s recent gains, sparked by concerns over U.S. tariffs, appear to be short-lived.

Late in the U.S. trading session, bitcoin dropped 4.8%, falling to $96,900 after briefly reaching $101,000 earlier in the day. Many altcoins also saw significant losses, with solana (SOL), XRP, cardano (ADA), and chainlink (LINK) down by 6%-10%, while ether (ETH) dropped 5.3%.

The sharp decline came shortly after a press conference held by White House crypto and AI czar David Sacks, alongside committee leaders from the Senate and House.

Market hopes that the event would provide news about the potential for a strategic bitcoin reserve were dashed, as the discussion focused mostly on regulatory matters and vague statements. Bitcoin was mentioned only briefly toward the end of the session, when Sacks confirmed that a White House working group is exploring the possibility of creating a strategic reserve. Regarding the recent executive order creating a sovereign wealth fund (SWF), Sacks referred questions to Commerce Secretary nominee Howard Lutnick and Treasury Secretary Scott Bessent, who are leading the SWF effort.

Looking forward, bitcoin’s price may retest its recent low below $92,000, with Friday’s U.S. January employment report possibly influencing market sentiment. If the report is weak, it could increase expectations for Federal Reserve rate cuts, potentially lifting prices. Conversely, a strong report may trigger concerns about a rate hike, which could dampen bullish sentiment.