Bitcoin and various other digital assets dropped further in U.S. trading on Wednesday, continuing overnight declines. At press time, bitcoin saw a 3% decrease over the past 24 hours, priced at $91,100.
The CoinDesk 20 Index, which monitors the top 20 crypto assets, is trading nearly 4% lower during the same timeframe, led by XRP, which has fallen over 8%. Ether is down 3.6%, despite Wall Street giant Morgan Stanley’s recent decision to offer a spot ETH ETF not providing any upward momentum.
The crypto selloff occurs as the Nasdaq rises by 0.5%, while precious metals retreat from recent significant gains, with gold down 1% and silver dropping 5%.
Digital asset treasury (DAT) stocks also aren’t receiving much lift from MSCI’s Tuesday evening announcement that it will not exclude Strategy (MSTR) from its indexes for the time being. Although Strategy is performing well with a 1% gain, most of the rest of the sector is in the red, with Bitmine Immersion (BMNR) down 6%, Sharplink Gaming (SBET) off 2%, and XXI (XXI) lower by 5%.
On the weekly chart, the ratio of MSTR to the iShares Bitcoin Trust (IBIT) has rebounded from the 3-level for the second week in a row, currently trading around 3.11. In March 2024, the ratio held 3 as support before surging to a peak of 9.5 in November 2024, aligned with MSTR reaching its all-time high. Bulls will be keenly observing to see if the 3-level remains a support point.
