Fresh Scoop Today

Why is Bitcoin Down Despite David Sacks' Pro-Crypto Conference?

By Yashu Gola

Why is Bitcoin Down Despite David Sacks' Pro-Crypto Conference?

The cryptocurrency failed to hold key support levels. Before the conference, BTC/USD struggled to stay above $105,000, repeatedly facing resistance. Once it dropped below the 50-day and 200-day Exponential Moving Averages (EMAs), currently at $100,614 and $100,347,

However, the lack of immediate policy changes or groundbreaking announcements disappointed them, leading to a sell-off.

Traders expected definitive steps, such as formally including Bitcoin in U.S. reserves or major tax reforms favoring digital assets. But they were left disappointed.

For instance, Sacks confirmed that the sovereign wealth fund is unrelated to the Bitcoin reserve, dashing hopes of a direct institutional allocation into BTC. Furthermore, while officials stated they would explore the viability of a Bitcoin Strategic Reserve, market analysts interpreted this as political rhetoric rather than a firm commitment.

Additionally, the U.S. government reinforced its vested interest in expanding stablecoin adoption worldwide, positioning USD-backed digital assets as a superior alternative. Officials emphasized that stablecoins could create trillions of dollars in demand for USD and U.S. Treasuries, strengthening the dollar's global dominance rather than promoting Bitcoin as an alternative store of value.

"Elon Musk stated the plan is to cut $4b a day from the federal budget, the Trump admin wants to get out of entrepreneur's hair with permitting to grow the economy and have stated a goal of zero inflation by EOY 2025," said TCB, an independent market analyst, adding:

Previous articleNext article

POPULAR CATEGORY

entertainment

11816

discovery

5435

multipurpose

12462

athletics

12400