Cryptocurrencies Rise After Market Rebound, but Bitcoin is Below $100,000
A press conference stirred up the cryptocurrency market but failed to convince investors. As a result, despite Wall Street’s rebound, major cryptocurrencies posted only modest gains on Wednesday.
The current crypto landscape remains in a phase of consolidation and caution. Bitcoin is up 0.3% over the past 24 hours, holding steady at $97,000, according to Binance, amid Wall Street’s recovery. Meanwhile, other cryptocurrencies are seeing gains of up to 3.9%, led by Dogecoin, Hyperliquid (+2.4%), and Bitget Token (+1.7%).
A Press Conference That Failed to Convince
The biggest crypto-related event this Wednesday was a press conference held by the White House’s “crypto and AI czar,” David Sacks, alongside key committee leaders from the Senate and House of Representatives. However, the content of the briefing was met with little enthusiasm.
The market had been anticipating updates on the U.S. strategic Bitcoin reserve, but there were barely any new developments. Sacks briefly mentioned, toward the end of the conference, that a White House task force on cryptocurrencies was assessing its feasibility. When asked whether yesterday’s executive order on the creation of a sovereign wealth fund had any implications for Bitcoin, Sacks dodged the question, saying that it was a matter for Commerce Secretary nominee Howard Lutnick to address.
Instead, the conference focused on regulatory matters and stablecoins, which have become a top priority for the U.S. government. “I believe the power of stablecoins lies in their potential to expand the dominance of the dollar internationally and extend it into the digital space,” Sacks stated.
According to Trump’s crypto czar, stablecoins could generate “potentially trillions of dollars” in new demand for U.S. Treasury bonds, which could help support national debt and lower long-term interest rates. The stablecoin market is currently valued at $227 billion, with 97% of it concentrated in USDT and USDC stablecoins.
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