Today, two things happened. One is the famous David Sacks press conference, and the other is HesterPeirce of the Securities and Exchange Commission launching the encryption task force. The former may not have met market expectations, but it also outlined some key points, while the latter may bring about changes to the Securities and Exchange Commission.

The reason why BTC almost fell below $98,000 was because David Sacks did not explicitly mention the expected BTC or encryption currency reserves after that, instead focusing on stablecoin compliance. Of course, David Sachs stressed that this is an important step in the development of the dollar in order to promote the development of the dollar as the world's reserve currency ( the hegemonic ) of the dollar.
At the end of the meeting, David Sacks also mentioned the issue of the current US Bitcoin strategic reserve, and stated that sovereign funds are independent. This provides sovereign funds with the ability to include encryption currency in their strategic reserves.