Market selloff deepens, sending Bitcoin sliding to $91,000.

Strategy Outperforms as MSCI Keeps Stock in Index Amid Crypto Weakness

Bitcoin (BTC $91,049) and most major cryptocurrencies slid in U.S. trading Wednesday, extending overnight losses. Bitcoin fell roughly 3% over 24 hours, trading near $91,100.

The CoinDesk 20 Index, tracking the top 20 crypto assets, dropped nearly 4%, led by XRP, down more than 8%. Ether (ETH $3,120) fell 3.6%, showing no lift from Morgan Stanley’s spot ETH ETF announcement.

While the Nasdaq gained 0.5%, precious metals retreated—gold down 1% and silver off 5%.

Digital asset treasury (DAT) stocks saw muted gains after MSCI confirmed Strategy (MSTR) will remain in its indexes. Strategy rose 1%, outperforming peers, while Bitmine Immersion (BMNR) fell 6%, Sharplink Gaming (SBET) down 2%, and XXI (XXI) lost 5%.

On the weekly chart, the MSTR to iShares Bitcoin Trust (IBIT) ratio rebounded off the 3-level for the second consecutive week, now around 3.11. In March 2024, the ratio held at 3 before rallying to 9.5 in November, coinciding with MSTR’s all-time high. Bulls are watching whether the 3-level continues to provide key support.

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