Bitcoin Slumps to $91,550 Despite MSCI's Crypto-Friendly Index Decision

Bitcoin's price dropped to around $91,550 on Wednesday, a 2.3% decline despite index provider MSCI deciding to keep cryptocurrency treasury companies in its global benchmarks.

The decision was announced by MSCI on Tuesday and ended three months of uncertainty for crypto markets.

MSCI had proposed excluding firms with over 50% of their assets in cryptocurrencies from its indexes, a move that could have triggered $10 billion to $15 billion in forced selling as passive funds divested.

However, the decision to maintain current treatment has been met with caution by analysts, who warn that other factors may be driving market weakness, including profit-taking after early January gains.