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Bitcoin price slid to its lowest level in nearly a month on Friday, just as David Sacks confirmed he is stepping down as President Donald Trump\u2019s \u201cAI and crypto czar,\u201d amplifying anxiety over the policy outlook for digital assets.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Bitcoin (BTC<\/a>) has fallen to $65,720, its weakest print since March 2, before recovering slightly to around $65,804, a daily loss of more than 4% that dragged the wider crypto market lower. According to derivatives tracker CoinGlass, over $500 million in crypto positions were liquidated in the past 24 hours, with nearly 90% of the wipe\u2011out hitting long traders, a sign that over\u2011levered bullish bets were forced out en masse. Ethereum (ETH<\/a>) slipped about 4% to roughly $1,980, Solana (SOL<\/a>) dropped 5% to below $83, and BNB fell 3% to around $608, while heavily exposed crypto equities such as MicroStrategy and BitMine Immersion Technologies also hit one\u2011month lows.<\/p>\n The sell\u2011off comes just as Sacks, the venture capitalist and co\u2011host of the \u201cAll\u2011In\u201d podcast, confirmed<\/a> that his stint as Trump\u2019s AI and crypto point\u2011man has ended after he \u201cexhausted\u201d his allowable 130 days of service as a special government employee. Trump first tapped Sacks as \u201cWhite House AI & Crypto Czar\u201d in December 2024, saying the PayPal veteran would \u201cguide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,\u201d and work on a legal framework so the industry \u201ccan thrive in the U.S.\u201d Pro\u2011market investors framed the appointment at the time as a watershed moment: \u201cDavid will focus on making America the clear global leader in both areas,\u201d Trump said, while Sacks later argued that the administration\u2019s stance had put the U.S. \u201cone step closer\u201d to becoming the \u201ccrypto capital of the world.\u201d<\/p>\n <\/p>\n Sacks\u2019 departure does not mark a hard pivot away from crypto, but it does introduce uncertainty around how cohesive the White House will remain on digital\u2011asset rules. He is set to move into a broader role as co\u2011chair of the President\u2019s Council of Advisors on Science and Technology, overseeing a wider \u201ctechnology\u2011dominance strategy\u201d rather than the day\u2011to\u2011day crypto rule\u2011making that had made him a focal point for the industry. During his tenure, he repeatedly tied regulatory clarity to market structure, telling one audience that \u201cthe aim of legislation is essentially to ensure stability,\u201d and warning that if the sector continued to fear \u201cthe next Gensler,\u201d investment would remain volatile and episodic.<\/p>\n While Bitcoin\u2019s intraday slide to the mid\u2011$65,000s is modest compared with the more than 30% drawdowns seen in past cycles, it lands against a backdrop of souring macro sentiment, a synchronized drop in major U.S. stock indices, and renewed geopolitical tension in the Middle East. The Nasdaq fell about 1.5%, with the S&P 500 and Dow Jones down roughly 1%, as investors digested rising oil prices and headlines that Israel would \u201cescalate\u201d strikes on Iran following missile attacks, even after Trump signaled a pause on hitting Iranian energy infrastructure. \u201cGlobal markets are reassessing macro risks at a faster pace,\u201d Bitget CEO Gracy Chen said, adding that although Bitcoin will likely \u201cmaintain high volatility in the short term,\u201d lower leverage means recent drawdowns look more like \u201cpositioning resets\u201d than the cascading liquidations of prior years.<\/p>\n Markets will now test how much of a \u201cpolicy premium\u201d was embedded<\/a> in Bitcoin during Sacks\u2019 time in the West Wing, when Trump\u2019s pivot from crypto skeptic to industry booster coincided with the asset\u2019s breakout to six\u2011figure territory. The former PayPal executive had become a key amplifier for legislative pushes on Capitol Hill, publicly thanking Senate Agriculture Committee leaders after a narrow 12\u201111 vote advanced a flagship market\u2011structure bill and calling the decision \u201cone step closer to establishing the necessary regulatory framework to make the United States the capital of the crypto world.\u201d For now, traders on prediction markets appear divided: users on one such venue currently assign a roughly 64% probability that Bitcoin<\/a>\u2019s next big move is down to $55,000 rather than up to $84,000, suggesting that in the absence<\/a> of clear policy stewards like Sacks, price discovery will be driven more by macro cross\u2011currents than by the White House alone.<\/p>\n <\/p><\/div>\n\n\n
Bitcoin price tumbles as White House crypto czar announces his departure<\/h2>\n