White House AI and crypto czar David Sacks is stepping down from his temporary role, Bloomberg reports — but he isn’t leaving the tech-policy scene.
Sacks reached the statutory limit of 130 days as a special government employee and will now join the President’s Council of Advisers on Science & Technology (PCAST) as co-chair. “I think moving forward as co-chair of PCAST, I can now make recommendations on not just AI but an expanded range of technology topics,” he said, signaling a broader remit beyond AI and crypto.
Market backdrop: correction and uncertainty
Sacks’ departure comes amid a broad crypto market correction. Bitcoin has repeatedly probed the $73,000–$75,000 range but failed to break through, and other tokens have largely followed BTC’s lead. Traders point to several near-term drivers:
- Geopolitical volatility: The US-Iran conflict has injected significant short-term uncertainty, increasing price swings across digital assets. A de-escalation in the coming days could restore some investor confidence and spark a modest rebound.
- Monetary-policy expectations: Investors widely anticipate the Federal Reserve holding interest rates steady after its April 29 meeting. Higher-for-longer rates generally dampen appetite for riskier assets like cryptocurrencies, which may be weighing on prices now.
- Risk-asset rotation signals: Gold has declined substantially since January. Some analysts view the drop in gold as a potential signal that capital is rotating back toward riskier bets — with crypto among the possible beneficiaries if sentiment shifts.
Outlook
Despite pockets of optimism, the crypto market remains fragile and volatile. Prices could continue to fall in the short term, though a geopolitical easing or a shift in risk sentiment might produce a temporary bounce — perhaps as soon as the weekend — but the path to a sustained recovery remains uncertain.
Also read: BlackRock Sells $70 Million Bitcoin ETF, $33 Million Ethereum ETF.
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