The recent settlement between Digital Currency Group (DCG) and the U.S. Securities and Exchange Commission (SEC) has cast a shadow over the cryptocurrency market, impacting Bitcoin's price movement. DCG's agreement to pay $38.5 million to resolve charges of misleading investors about its subsidiary, Genesis Global Capital, underscores the heightened regulatory scrutiny facing the crypto industry. This development has contributed to a cautious market sentiment, with Bitcoin struggling to break above key resistance levels. Analysts have pointed out that Bitcoin needs to surpass $103,000 to avoid further bearish pressure, as the market remains wary of potential downside risks.
The ProShares Short Bitcoin Strategy ETF (BITI) is currently priced at $21.24 as of 4:20 AM on Saturday, January 18.