The Federal Reserve's decision to maintain interest rates at 4.25%-4.50% initially exerted downward pressure on Bitcoin, but the market quickly pivoted to focus on more positive developments. Notably, the Czech Central Bank's potential move to include Bitcoin in its reserves has fueled optimism about increased institutional adoption. Additionally, the removal of the SEC's "Staff Accounting Bulletin 121" has eased regulatory constraints, allowing U.S. banks to hold Bitcoin as an asset. This regulatory shift is expected to attract more financial institutions to the digital asset market, potentially leading to significant inflows into Bitcoin.
The 2x Bitcoin Strategy ETF (BITX) surged by 5.14% to $61.93 as of 3:20 PM on Wednesday, January 29.