David Sacks’ highly-anticipated press conference on Tuesday turned out to be a nothing burger, which sent Bitcoin and the majors tumbling. Donald Trump’s AI and crypto czar mainly concentrated on stablecoin regulation, barely referencing Bitcoin and completely ignoring other crypto assets. As expected, Bitcoin's value decreased from $102,000 on Tuesday to $97,300 at the time of writing. Although February is usually a month of significant gains for Bitcoin, savvy investors anticipate volatile movements in the market over the next few weeks, with potential further declines to $91,200. David Sacks’ Press Event Doesn't Deliver Big News, But Might Still Benefit Crypto On Monday, Donald Trump initiated a sovereign wealth fund by signing an executive order that tasked his Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick with establishing an investment branch for the United States. Following this, David Sacks announced a press conference for Tuesday, promising to share the administration’s plan for digital assets. This fueled speculation that Sacks might suggest the SWF would invest in Bitcoin, pushing the price up to $102,000. However, during the press event, Sacks sidestepped any inquiries about the wealth fund, leaving comments related to the SWF to Bessent and Lutnick. It's important to note that Commerce Secretary Howard Lutnick has yet to be confirmed by the US Senate. Consequently, Bitcoin’s price dropped below $100,000 on Wednesday. Despite this, Sacks’ press conference had a clear pro-crypto stance. For example, Ripple CEO Brad Garlinghouse pointed out that having the Chairs of Senate Banking, House Financial Services, Senate Agriculture, and House Agriculture join the Crypto Czar is extremely positive for the crypto sector. Any criticism of today's press conference is absolutely missing the forest for the trees. Having the Chair of Senate Banking, the Chair of House Financial Services, the Chair of Senate Ag, and the Chair of House Ag join the Crypto Czar to commit to passing legislation for… https://t.co/wiznRfrPAh — Brad Garlinghouse (@bgarlinghouse) February 5, 2025 David Sacks also mentioned that Donald Trump is seriously considering establishing a Strategic Bitcoin Reserve, which would be extremely favorable for BTC and the broader crypto market. Sacks is currently discussing this concept with various stakeholders. Lastly, Sacks shared that the administration is prioritizing the passage of pro-crypto legislation that would offer regulatory clarity for stablecoins. Noted analyst James Van Straten predicts that the stablecoin supply will significantly increase during Trump’s presidency, which could lead to a surge in BTC prices, given the strong connection between the two. Well that was obvious, spreading digital dollar dominance through stablecoins.1.Inflate the stablecoin supply. 2. Which in turn inflates the $BTC price and soaks up liquidity without inflating real world assets. 3. US yields will drop. 4. Spreads the digital dollar… https://t.co/tgPjaW3NFO pic.twitter.com/bjJ2Em9Tq3 — James Van Straten (@btcjvs) February 4, 2025 When Is Bitcoin Likely to Recover? Leading crypto analysts suggest that Bitcoin might experience volatile price movements in the weeks ahead. BTC might revisit the support levels at $94,000 and $91,200, and a breach below these could lead to a further drop to $85,000. However, the top cryptocurrency might rebound in March, given the expected weakening of the US Dollar. Top Cryptos to Invest in Now? Bitcoin and major altcoins are currently dealing with uncertainty. Savvy investors are turning towards smaller-cap crypto assets, as these show minimal correlation with BTC. For example, major investors, or whales, are significantly investing in Solaxy (SOLX) , which is the first notable layer-2 coin on Solana. With strong whale interest and real demand, the SOLX presale has already exceeded $18 million. Solaxy is a high-utility initiative aiming to resolve a significant issue in the Solana network. Despite Solana’s strong brand, the blockchain has faced challenges with network congestion during high-traffic times. A notable portion of its transactions failed during the TRUMP meme coin craze. However, Solaxy’s Layer-2 solution could transform this situation. It is designed to group SOL transactions, process them off-chain, and then update the mainnet with the changes. Experts are optimistic about SOLX’s potential growth, with many considering it among the top cryptos to invest in at present. Some early SOLX investors are hoping for returns ranging from 10x to 100x. Visit Solaxy Presale
