Bitcoin's price movement today has been driven by a combination of factors, including a lower-than-expected inflation reading and strategic corporate investments. The Bureau of Labor Statistics reported a 0.2% increase in the producer price index for December, below the anticipated 0.4% rise, which has increased risk appetite among investors. Additionally, Intesa Sanpaolo's purchase of 11 BTC highlights growing institutional interest in cryptocurrencies, contributing to Bitcoin's upward trajectory. The market is also optimistic about a pro-crypto stance from the incoming U.S. administration, further supporting Bitcoin's rise.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a decline, dropping 2.39% to $23.27 at 12:40 PM on Tuesday, January 14.