Bitcoin Slips Below $91,000 Amid Broader Crypto Market Decline
•Crypto News
Market Overview
Bitcoin BTC has dropped below the $91,000 mark, continuing its downward trend alongside other cryptocurrencies. As of Wednesday, BTC has decreased by 3% over the past 24 hours, trading at $91,100. Similarly, the CoinDesk 20 Index shows a 4% decline, with significant losses led by XRP, which is down over 8%.
Key Performers
- Ether ETH is down 3.6%, showing no positive impact from Morgan Stanley's recent announcement regarding a spot ETH ETF.
- Despite a rise in the Nasdaq by 0.5%, digital asset treasury stocks remain largely unaffected by MSCI's decision to retain Strategy (MSTR) in its indexes.
- Strategy (MSTR) is slightly up by 1%, whereas Bitmine Immersion (BMNR) and XXI (XXI) have dropped by 6% and 5%, respectively.
Market Analysis
On a weekly basis, the MSTR to iShares Bitcoin Trust (IBIT) ratio has rebounded off the 3-level for the second consecutive week, currently at 3.11. This level previously acted as support in March 2024, before reaching a peak of 9.5 in November 2024, coinciding with MSTR's all-time high. Investors are closely monitoring whether this 3-level support will hold.
