The anticipation of President-elect Donald Trump's potential executive order prioritizing cryptocurrency as a national policy has significantly influenced Bitcoin's price movement. Reports of a strategic Bitcoin reserve and a crypto advisory council have fueled market optimism, suggesting a more favorable regulatory environment under the new administration. This optimism has been reflected in Bitcoin's price, which has risen by 2.1% to $102,084.17. Despite these developments, the muted 'Coinbase Premium' indicates that U.S. investors may have already priced in much of this optimism during the previous rally.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a decline, dropping 3.14% to $9.56 at 4:20 AM on Friday, January 17.