Bitcoin's price retreated below the $98,000 mark following disappointment from a recent press conference by US crypto and AI czar David Sacks. The leading cryptocurrency dropped approximately 1.4% in the past 24 hours after failing to hold the key $100,000 level.
Market participants had anticipated confirmation of a Bitcoin-only strategic reserve. However, Sacks revealed that authorities are still evaluating both single-asset and broader digital asset reserve options under President Trump's direction. He also highlighted stablecoin regulation as an immediate priority, with legislation expected within six months.
Despite the price decline, Bitcoin's market dominance has reached a 4-year peak at 58%, indicating its relative strength compared to alternative cryptocurrencies. Most major altcoins have posted substantial weekly losses, with Ethereum down 11%, XRP falling 18%, and Solana dropping 11%.
However, select altcoins have bucked the downward trend. The TRUMP token, officially launched by the US President, gained 10% in the last 24 hours. AAVE, ARB, and SUI also showed strength with 5-6% increases. Notable weekly performers include Mantra (OM), up 26%, boosted by a $1 billion agreement with DAMAC Group for tokenized assets in the Middle East.
In a separate development, Arbitrum announced integration with Bitcoin through BitcoinOS (BOS), creating new opportunities for Bitcoin holders to interact with Ethereum-based Layer 2 solutions. The merger aims to combine Bitcoin's security with Ethereum's DeFi capabilities while offering non-custodial transfers through BitSNARK and the BOS Grail bridge.
The current market sentiment reflects ongoing uncertainty as investors digest regulatory developments and assess the implications of new technological integrations in the cryptocurrency space.