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SBIT Rises 5.18% as Bitcoin Faces Macroeconomic and Regulatory Pressures

Bitcoin's price has been pressured by macroeconomic factors and regulatory developments, leading to a risk-off sentiment among investors. Strong U.S. economic data and rising bond yields have heightened expectations of a more hawkish Federal Reserve stance, contributing to Bitcoin's decline. Additionally, outgoing SEC Chair Gary Gensler's critical remarks about the crypto industry have further dampened sentiment. Despite a legal victory for Coinbase against the SEC, which has provided some relief, the broader market remains cautious amid economic uncertainties and anticipation of the Federal Reserve's meeting minutes.

The Proshares Ultrashort Bitcoin ETF (SBIT) has responded to these developments, rising 5.18% to $11.38 as of 4:00 PM on Wednesday, January 8.