Today two things happened, one - the well-known press conference of David Sacks, the other - SEC Hester Pierce published a encryption challenge, the former, it seems, did not meet the market's expectations, but also explained some key points, the latter, perhaps, will lead to changes in SEC.

Just David Sacks almost lowered BTC below $98,000 because the expected strategic reserve currency BTC or encryption was not directly expressed, also emphasizing compliance with stability in stable coins. Of course, regarding stable coins, David Sacks emphasized that this is an important step in the development of the dollar to make it a global reserve currency (dollar dominance).
At the end of the press conference, David Sacks also mentioned that the United States is currently working on the issue of the strategic reserve of #Bitcoin, and sovereign funds are independent. This provides a basis for sovereign funds to include encryption in the strategic reserve, this is my own conclusion, not stated by David Sacks.
Theoretically, David Sachs's press conference had no negative impact, just a slight slowdown starting with the stablecoin. It's not a mistake, the market is just hoping for a more direct effect, which obviously didn't happen. However, you can see that the issue of strategic reserves is progressing. The reason for the return of market opportunities is the SEC's update.
Many small partners are looking forward to the real exchange of ETF funds and collateral ( #ETH ), which can be the most direct positive, the next is the determination of token registration and issuance, planning the encryption currency market, and other issues discussed by the new SEC group on encryption currency. I believe that the results will not take much time, this is an unexpected situation in the market, but really positive.
What I was talking about earlier, although it is progressing a bit slowly, from a trend perspective, it seems that the US policy towards cryptocurrency encryption is gradually opening up, especially with regard to #BTC, strategic reserves may be more active than many of our friendly guys imagined, it just may take a bit of time, but liquidity doesn't offer a better opportunity, and non-conforming altcoins are likely to face higher difficulties, these are all facts.
However, at least from the SEC proposal at the moment, #BTC 和 ETH and future cryptocurrencies that may be available through a physical ETF may have better prospects, especially regarding staking, and this does not only apply to ETH servicing, but may be included in POS ETFs as well.
According to BTC data, turnover has increased even more today, and a pessimistic mood is emerging in the market again. Chinese tariffs in the early morning, David Sacks' press conference in the evening, have been irritating the nerves of the main investment circles in Asia and the United States. It seems that we need to expect a continuation of the low activity period.
In my opinion, there is no problem with the trend, it's just a bit slow. Long-term holding of BTC is not a problem, but such a chaotic market really tests the faith and positions of investors, especially for everyone except #BTC.
However, at the moment, the support for BTC in the range of $92,000 to $98,000 is very strong, and there are no signs that it will collapse in the near future. However, there is still some imbalance. Honestly, it's a bit disappointing to me. Even if all the data and policies are good, there is still some imbalance in purchasing power, which makes a one-time breakthrough difficult, such as the increase from $25,000 to $65,000 or the surge to $100,000.