Spot Bitcoin$BTC ETF Approvals: The market was still riding the momentum from the historic approval of 11 spot Bitcoin ETFs by the U.S. SEC on January 10th. While there was an initial "sell-the-news" dip, the subsequent days saw significant inflows into these new ETFs (notably from BlackRock's IBIT and Fidelity's FBTC), demonstrating strong institutional and traditional investor demand. This renewed confidence was a primary driver for Bitcoin's price surge.
#economy Macroeconomic Climate: Broader financial markets were rising on growing anticipation that the U.S. Federal Reserve would end its rate-hiking cycle and potentially cut rates in 2024. This weakened the U.S. Dollar$ Index (DXY) and made risk assets like stocks and cryptocurrencies more attractive.
