The recent developments surrounding Bitcoin have generated significant interest, particularly with the Czech Central Bank Governor's plan to incorporate Bitcoin into the country's reserves. This potential move towards mainstream adoption is seen as a catalyst for increased demand and upward price momentum. Additionally, Robinhood's announcement to introduce futures trading for Bitcoin is expected to enhance trading activity and liquidity, further supporting Bitcoin's price. Market sentiment is also influenced by the anticipation of the Federal Open Market Committee's decision on interest rates, with expectations of a neutral or dovish stance potentially providing a boost to Bitcoin and other risk assets.
The 2x Bitcoin Strategy ETF (BITX) has responded positively to these developments, rising 3.24% to $60.81 as of 1:40 PM on Wednesday, January 29.