White House AI and crypto czar, David Sacks, is stepping down from his position, as stated in an interview with Bloomberg. Sacks has completed the allowed 130 days as a special government employee. However, stepping down as President Trump’s AI and crypto head is not the end of the road for Sacks. Sacks said that he will now be joining the President’s Council of Advisers on Science & Technology. Sacks stated, “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.”

White House Crypto Czar Exits Amid Market Dip

Sacks’ exit from his position as the crypto head comes amid a market-wide correction. The cryptocurrency sector has seen turbulent swings over the last several months, with the US-Iran conflict injecting substantial volatility into the market. Bitcoin (BTC) has tested the $73,000-$75,000 price range in multiple occasions, but without success. Other cryptocurrencies seem to be following BTC’s trajectory.

The latest market dip could be due to investors expecting interest rates to remain unchanged after the Federal Reserve’s April 29 meeting. Higher interest rates reduce the chances of risky investments, especially in the cryptocurrency sector.

However, there is a chance that the US-Iran conflict could see a cool off over the next few days. A de-escalation could lead to a boost in investor confidence, which could trigger a slight bullish outbreak for the cryptocurrency market.

Also Read: BlackRock Sells $70 Million Bitcoin ETF, $33 Million Ethereum ETF

Furthermore, gold prices have shrunk substantially since January. In dip in gold’s price could be a signal that investors are ready for riskier bets. Cryptocurrency could be one such choice.

Nonetheless, the cryptocurrency sector is far from recovered and may take some time to see some proper positive price action. Volatility is high and prices could continue to fall over the coming days. The weekend could see some relief, but it is still very unclear.