The rally in bitcoin sparked by the tariff concerns has proven to be short-lived, as prices have dipped back down.

By late U.S. trading hours, bitcoin had fallen 4.8% to $96,900, after briefly reaching $101,000 just hours before. Other altcoins, including solana (SOL), XRP, cardano (ADA), and chainlink (LINK), saw drops ranging from 6% to 10%, with ether (ETH) also down by 5.3%.

The decline appeared to coincide with a press conference led by White House crypto czar David Sacks, joined by committee leaders from the Senate and House. Market expectations were high that the conference would address the potential for a strategic bitcoin reserve, but instead, the conversation focused mainly on regulatory concerns and general statements. Bitcoin was only discussed briefly at the end, with Sacks noting that the White House’s working group on cryptocurrency is examining the feasibility of a bitcoin reserve.

As bitcoin hovers near $96,900, many are watching for a potential retest of its recent low below $92,000. Friday’s U.S. employment report may serve as the next catalyst, with a weak report possibly fueling speculation about Fed rate cuts and a boost to prices. Conversely, a stronger report could reignite concerns about rate hikes, adding downward pressure to the market.