El Salvador's recent legislative reform to its Bitcoin Law has sparked discussions about its potential impact on the cryptocurrency market. The reform, which makes Bitcoin acceptance voluntary in private transactions and reduces the government's involvement, is seen as a strategic move to align with the International Monetary Fund's conditions for a $1.4 billion program. This development has introduced a degree of uncertainty in the market, as investors assess the implications of El Salvador's shift in Bitcoin policy. The reform could influence Bitcoin's adoption and usage, affecting its market dynamics and investor sentiment.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a slight increase, rising 0.89% to $9.04 at 10:00 AM on Friday, January 31.