Bitcoin's price has been pressured by macroeconomic factors and regulatory developments, leading to a decline in its value. Strong U.S. economic data and rising bond yields have heightened expectations of a hawkish Federal Reserve stance, prompting a risk-off sentiment among investors. This has caused Bitcoin to dip below $93,000. Additionally, outgoing SEC Chair Gary Gensler's critical remarks about the crypto industry have further dampened sentiment, despite a recent legal victory for Coinbase against the SEC. The market remains cautious amid economic uncertainties and the anticipation of the Federal Reserve's meeting minutes.
The ProShares Short Bitcoin Strategy ETF (BITI) rose 2.51% to $23.71 at 4:00 PM on Wednesday, January 8.