Cryptocurrency Plummets Amid Disappointment at U.S. Crypto Czar's Press Conference

Cryptocurrencies are plummeting. This is due to the intensification of the U.S.-China tariff war and Davis Sachs, appointed as the U.S. White House crypto czar, focusing on cryptocurrency regulation during a press conference.

According to the global coin market tracking site CoinMarketCap, as of 7:59 AM today, Bitcoin is trading at $97,505.52, down 4.21% from 24 hours ago. Ethereum (-7.11%) and Ripple (-7.51%) are also experiencing significant declines.

The impact of the global tariff war continues. Starting today, the U.S. has imposed an additional 10% tariff on China, and China has responded with retaliatory measures, including additional tariffs and restrictions on rare mineral exports.

Bitcoin had previously fallen below the $100,000 mark after the U.S. announced tariffs on Mexico, Canada, and China on the 2nd.

The press conference by Sachs, the U.S. crypto czar, also weighed on cryptocurrency prices. He mainly mentioned cryptocurrency regulation and only stated that the White House working group is investigating the feasibility of Bitcoin reserves, which the market had been anticipating. When asked about the connection between the executive order signed by U.S. President Donald Trump the previous day to establish a state fund and Bitcoin, he deflected by saying to ask the Secretary of Commerce.

Reporter Han Kyung-woo, Hankyung.com, case@hankyung.com