Bitcoin's drop to $93,000 was primarily influenced by a combination of factors:
Federal Reserve's Stance: The Fed's cautious comments regarding future interest rate cuts led to increased selling pressure, causing Bitcoin to fall below the psychological $100,000 mark
1.stock Market Correlation: A sell-off in major U.S. stock indexes also impacted Bitcoin, as its price movements have become more correlated with traditional markets due to the introduction of Spot Bitcoin ETFs
2. ETF Outflows: Significant outflows from Spot Bitcoin ETFs, totaling $680 million, further exacerbated the decline, marking a shift from a previous inflow trend