The industry hit a milestone with more than 3,000 ETFs trading simultaneously for the first time this month — a 30% increase since December 2020. Little-known Valkyrie Bitcoin Miners ETF (WGMI) is the best-performing fund in 2023, with gains of over 100% in January, data by Bloomberg indicates.
The real issue facing Bitcoin this week will be the pressure from all the economic material released to pressure the price action for most risk assets. Consumer confidence is expected to be flat, and Chair Powell will most likely take the 25 basis points up as we continue to see pressure from the market for the FED to pivot.
Below will look at the potential for Bitcoin to hit the $20K mark again.