No Movement for Bitcoin After Latest Eric Trump Plug

“Feels like a great time to enter BTC!” exclaimed Eric Trump on X on Jan. 6.

The post followed a similar one on Feb. 3 when he said it was a “great time to add ETH,” resulting in a double-digit recovery for the asset. However, there was little reaction on spot markets for BTC, which remains sluggish at $98,000.

Bitcoin fell to an intraday low of $96,200, culminating in a 7% decline over the past week. It was trading at around $98,200 during the Thursday morning Asian session, having weakened over the past 12 hours.

The asset showed promise with a strong recovery following the suspension of Trump’s trade tariffs when it topped $102,000, but those gains have been eroded over the past couple of days.

Feels like a great time to enter #BTC! @worldlibertyfi

— Eric Trump (@EricTrump) February 6, 2025

Bitcoins Bitcoin Recovery Falters

There has been massive fundamental momentum surrounding crypto over the past few weeks, yet BTC is still down 10% from its all-time high and is still susceptible to volatile market crashes, as seen on Feb. 2 when it dumped 8%.

Bitcoin has been around for 12 years, and nobody has ever hacked it, which makes it an “excellent store of value,” said White House crypto czar David Sacks on CNBC. In actuality, it has been around for longer than 12 years.

Crypto czar, David Sacks says Bitcoin is a great store of value! pic.twitter.com/FTJeg3sU7W

— borovik (@3orovik) February 5, 2025

Sacks also said that there was a strong incentive to bring crypto innovation back to the United States.

“Financial assets are destined to become digital just like every analog industry became digital, and we want that value creation to happen in the United States rather than giving it away to other countries.”

Additionally, Stock to Flow model creator ‘Plan B’ said that things were still on track, and Bitcoin was entering the second stage of the bull market, “the steep FOMO stage.”

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Almost 1 year since the halving, bitcoin red dots are turning orange (and then yellow): entering the 2nd stage of the bull market, the steep FOMO stage. pic.twitter.com/9g9UMzMYma

— PlanB (@100trillionUSD) February 5, 2025

Moreover, altseason still seems to be a distant hope for many. “The strongest altseasons have occurred every time Bitcoin dominance rejected from 71%,” observed analyst ‘Rekt Capital’ on Wednesday. BTC dominance is currently 61.3%, according to Tradingview, so it still has a way to go.

Bitcoins Crypto Markets Sink Despite Bullish Week

Despite the bullish news, such as the SEC downsizing its crypto enforcement division, Trump approving a sovereign wealth fund, and the establishment of a pro-crypto task force in America, markets have still retreated.

Total market capitalization was down 1.4% on the day at $3.34 trillion at the time of writing. Ethereum had made minor progress in reclaiming $2,800, but most of the altcoins were in red again.

There were larger losses for XRP, SUI, and Hedera (HBAR), while Litecoin (LTC) notched a minor gain.