The recent release of U.S. Personal Consumption Expenditures (PCE) data has created a cautious market environment, impacting Bitcoin's price movement. The upward trend in PCE, a key inflation indicator for the Federal Reserve, suggests that the Fed might maintain its current interest rate stance, which could weigh on Bitcoin. Additionally, Fed member Bowman's cautious remarks about the economic impacts of current policies have added to the uncertainty, contributing to a slight decline in Bitcoin's price. Despite these challenges, the approval of Bitcoin exchange-traded funds and growing institutional interest are seen as positive developments for Bitcoin's long-term prospects.
The ProShares Bitcoin Strategy ETF (BITO) experienced a slight decline, dropping 0.39% to $25.36 at 1:00 PM on Friday, January 31.