White House Cryptocurrency Director David Sacks will hold a press conference at 2:30 p.m. (EET)

White House Cryptocurrency Director David Sacks will hold a press conference at 2:30 p.m. (EET)

White House Director of Cryptocurrencies David Sacks will hold a press conference at 2:30 p.m. Eastern Time to reveal details of U.S. policy on digital assets. The market is gearing up for a "big day," according to trader Jelle, who expects the Trump administration to seek to bolster the U.S.'s position as a leader in cryptocurrencies.

Donald Trump recently signed an executive order that has the potential to change the landscape of investment in the US. The move, which aims to create a new sovereign wealth fund, has raised considerable expectations in the cryptocurrency community. US Senator Cynthia Lummis has suggested that this fund could be used to purchase Bitcoin (BTC), which could have a major impact on the future development of the cryptocurrency.

However, just shortly after the markets opened, the price of BTC/USD came under pressure and fell by around 3%. This was due to fears of new tariff issues that could affect the markets. Although the news of the postponement of US tariffs on Mexico and Canada brought a short-term recovery, the situation became complicated again when China announced retaliatory measures against the US tariffs.

However, the price of Bitcoin has proven to be very volatile in recent days. After rebounding from the $91,500 level, BTC/USD gained more than $10,000 in a single day. Analyst Michaël van de Poppe warned of continued volatility, but also expressed optimism about the possibility of reaching new all-time highs (ATH) in February if the price remains above $93,000.

The Phoenix trader said that a new short-term range for BTC/USD is expected to emerge as a result of this volatility. While markets are experiencing volatility, funding rates across derivatives markets give reason for optimism. Axel Adler Jr. of the CryptoQuant platform pointed out that Bitcoin funding rates have entered negative territory for the seventh time this year, which may signal a bullish trend.

Overall, it seems that the Trump administration and its policies towards digital assets will continue to influence markets and bring new opportunities for investors. How the situation unfolds remains in the hands of market forces, but one thing is certain: Bitcoin remains in the spotlight.

*This is not an investment recommendation.

The Coingarage team