The U.S. Securities and Exchange Commission's decision to scale back its crypto enforcement unit has been a significant factor in Bitcoin's price movement today. This regulatory shift, perceived as more favorable to the crypto industry, has been welcomed by the market, contributing to Bitcoin's upward trajectory. Additionally, the stronger-than-expected U.S. private payrolls report from ADP, indicating robust job growth, suggests that the Federal Reserve might maintain higher interest rates for a longer period. This macroeconomic backdrop, combined with Bitcoin's bullish technical indicators, has fueled optimism among investors.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a slight increase, rising 0.10% to $10.08 as of 10:00 AM on Wednesday, February 5.