Bitcoin's recent dip to $93,000 is primarily driven by a confluence of U.S. economic data and Federal Reserve policy speculations. The anticipation of upcoming inflation and employment reports is shaping market expectations, with a strong dollar further weighing on Bitcoin as investors seek refuge in traditional assets. Additionally, the Federal Reserve's cautious stance on interest rate changes is adding to the uncertainty, affecting both crypto and equity markets. Profit-taking by short-term traders, following Bitcoin's surge past $100,000, has also contributed to the downward pressure on its price.
The GraniteShares 1x Short COIN Daily ETF (CONI) is currently priced at $10.28, reflecting a 2.93% decrease from the previous close.