The Federal Reserve's decision to maintain interest rates at 4.25%-4.50% has been positively received by the cryptocurrency market, creating a stable environment for risk assets like Bitcoin. Fed Chair Jerome Powell's remarks on banks serving crypto customers, provided they adhere to risk disclosure requirements, have further boosted market sentiment. Additionally, President Trump's fintech and crypto initiatives, including the launch of Truth.Fi, have injected fresh enthusiasm into the market, contributing to Bitcoin's upward momentum. The introduction of Grayscale's Bitcoin Miners ETF (MNRS) has also played a role in today's price action, indicating growing institutional interest and providing an alternative for investors seeking exposure to the cryptocurrency ecosystem.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a decline, dropping 1.40% to $21.06 at 11:20 AM on Thursday, January 30.