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, contingent on risk disclosure compliance, 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, reflecting growing institutional interest and providing an alternative for investors seeking exposure to the cryptocurrency ecosystem.
The Proshares Ultrashort Bitcoin ETF (SBIT) experienced a decline, dropping 3.09% to $8.79 at 11:20 AM on Thursday, January 30.