Bitcoin's recent price surge has been driven by a lighter-than-expected inflation reading, which has increased risk appetite among investors. This positive sentiment has led to a rebound in Bitcoin's value, pushing it back above the $97,000 mark. The broader crypto market has also seen gains, with the CoinDesk 20 index rising by 3.9%. Additionally, comments from SEC Chairman Gary Gensler, who likened Bitcoin's potential long-term value to gold, have further bolstered investor confidence. Gensler's acknowledgment of Bitcoin's global appeal and its enduring presence in the financial landscape has likely contributed to the renewed interest in the cryptocurrency.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a decline, dropping 3.57% to $22.99 at 2:20 PM on Tuesday, January 14.