Bitcoin Tumbles Despite MSCI's Crypto-Friendly Index Decision

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

The decision by MSCI removed uncertainty that had pressured crypto markets since October, when the organization proposed excluding firms with large crypto holdings from its indexes.

However, Bitcoin's price decline suggests other factors may be driving recent market weakness, including profit-taking after early January gains.

Strategy shares rose 6% in after-hours trading following MSCI's announcement, but had fallen 4.1% during Tuesday's session.