{"id":11370,"date":"2025-02-04T22:16:50","date_gmt":"2025-02-04T22:16:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11370"},"modified":"2025-02-04T22:16:50","modified_gmt":"2025-02-04T22:16:50","slug":"bitcoin-extends-losses-to-below-97k-following-david-sacks-press-conference","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11370","title":{"rendered":"Bitcoin Extends Losses to Below $97K Following David Sacks Press Conference"},"content":{"rendered":"<div>\n<p>The rally in bitcoin (BTC) and crypto from the weekend&#8217;s tariff-induced panic has proven to be a short-lived one.<\/p>\n<p>Late in the U.S. trading day, bitcoin was down 4.8% over the past 24 hours to $96,900 after having climbed up to the $101,000 level just two hours earlier.<\/p>\n<p>Much of the altcoin sector fared worse, with solana (SOL), (XRP), cardano (ADA) and chainlink (LINK) sporting declines of 6%-10%. Ether (ETH) was lower by 5.3%.<\/p>\n<p>The start of today&#8217;s late tumble appeared to coincide with a crypto-related press conference held by White House crypto and AI czar David Sacks alongside the heads of key committees in the Senate and House.<\/p>\n<p>Hopes that the press conference would center on the chances of a strategic bitcoin reserve were dashed as the discussion centered <a href=\"https:\/\/www.coindesk.com\/policy\/2025\/02\/04\/trump-s-crypto-czar-sacks-says\" target=\"_blank\">almost exclusively on regulatory matters and platitudes<\/a>.<\/p>\n<p>Bitcoin did a get a mention at the end of the press conference, when \u2014 in response to a question \u2014 Sacks said that a White House working group on crypto is looking into the feasibility of a strategic bitcoin reserve. Asked if yesterday&#8217;s executive order on creation of a sovereign wealth fund meant something for bitcoin, Sacks deferred, saying that&#8217;s a question for Commerce Secretary nominee Howard Lutnick (who, along with Treasury Secretary Scott Bessent will be spearheading the SWF).<\/p>\n<p>For now, it appears that bitcoin could be setting up for a retest of its Sunday evening low below the $92,000 level. Possibly bullish or bearish on the horizon will be Friday&#8217;s U.S. January employment report. A soft number could have market participants pricing Federal Reserve rate cuts back into the outlook which may prove a boon to prices. Another strong print, though, might have investors pricing in a rate hike at some point this year  \u2014 absent other forces, a headwind to prices.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The rally in bitcoin (BTC) and crypto from the weekend&#8217;s tariff-induced panic has proven to be a short-lived one. Late in the U.S. trading day, bitcoin was down 4.8% over the past 24 hours to $96,900 after having climbed up to the $101,000 level just two hours earlier. Much of the altcoin sector fared worse, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11370","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11370"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11370\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}