The recent developments in the cryptocurrency market have created a favorable environment for Bitcoin, driving its price upward. The U.S. Federal Reserve's decision to maintain interest rates, along with Fed Chair Jerome Powell's supportive comments about banks serving crypto clients, has eased regulatory concerns and boosted market sentiment. Additionally, Illinois' proposal to establish a Bitcoin reserve and El Salvador's policy amendments, which align with an IMF agreement, have further reinforced Bitcoin's integration into national economies. These factors, combined with positive earnings reports from major U.S. tech companies, have contributed to a risk-on sentiment, benefiting Bitcoin's price movement.
The 2x Bitcoin Strategy ETF (BITX) has responded positively to these developments, climbing 2.88% to $64.20 as of 5:00 AM on Thursday, January 30.