The U.S. Securities and Exchange Commission's decision to scale back its crypto enforcement unit has been a significant factor in Bitcoin's recent price movement. This regulatory shift, led by acting chair Mark Uyeda, is seen as a move towards a more crypto-friendly environment, which has been positively received by the market. The easing of regulatory pressures is viewed as a boon for Bitcoin, reducing the immediate threat of stringent enforcement actions. Additionally, El Salvador's continued accumulation of Bitcoin, with the recent addition of 20 BTC to its reserves, has further bolstered market sentiment. This accumulation reflects a growing institutional interest and confidence in Bitcoin's long-term value, despite ongoing market volatility.
The Proshares Ultrashort Bitcoin ETF (SBIT) experienced a slight increase, rising 0.99% to $10.17 as of 8:20 AM on Wednesday, February 5.