Renewed interest from institutional investors and geopolitical developments are driving Bitcoin's recent price surge. Italy's largest bank, Intesa Sanpaolo, has made a significant move by purchasing 11 BTC, signaling a growing acceptance of Bitcoin within traditional finance. This development coincides with the European Union's adoption of its first bloc-wide crypto regulations, potentially paving the way for increased digital asset adoption among financial companies. Additionally, reports of President-elect Donald Trump preparing to issue a pro-crypto executive order have fueled optimism in the market. This anticipated order may include the formation of a new crypto council and the removal of SEC regulations that currently deter banks from holding cryptocurrencies.
The 2x Bitcoin Strategy ETF (BITX) experienced a notable increase, rising 6.31% to $54.44 as of 7:00 AM on Tuesday, January 14.