Bitcoin Drops 4.8% to $96,900 After David Sacks Press Conference
Bitcoin's recent rally has been short-lived, with prices dropping by 4.8% to $96,900 after reaching $101,000 earlier in the day.
Key points include:
- Altcoins like Solana, XRP, Cardano, and Chainlink declined by 6%-10%.
- Ether fell by 5.3%.
- A White House press conference focused on regulatory issues rather than strategic bitcoin reserves.
- David Sacks mentioned a working group is exploring a potential strategic bitcoin reserve.
- Market sentiment may shift based on Friday's U.S. January employment report, influencing Federal Reserve rate expectations.
Bitcoin may retest lows below $92,000 depending on economic data outcomes.