The anticipation of crypto-friendly policies under the incoming Trump administration has been a key driver of Bitcoin's price movement today. Investors are optimistic about potential executive orders that could favor cryptocurrencies, such as the repeal of regulations restricting banks from holding digital assets. This sentiment has been further bolstered by Anthony Pompliano's recent comments urging President-elect Trump to establish a national Bitcoin reserve, which could significantly boost demand for the digital currency. Additionally, Bitcoin's recovery past the $97,000 mark has been supported by a cooler-than-expected inflation report, with the producer price index rising by only 0.2% in December, easing some inflation concerns and contributing to positive market sentiment.
The 2x Bitcoin Strategy ETF (BITX) saw a modest increase, rising 0.66% to $54.62 as of 7:20 AM on Wednesday, January 15.