Bitcoin dips to the $93,000 range... Reduced selling pressure as MSCI remains

Source: DecenterKorea Original Title: Bitcoin at $93,000 Correction… MSCI Retains Holdings, Easing Selling Pressure [Decenter Market Report] Original Link: https://www.decenter.kr/NewsView/2K77JTMBLV/GZ03

As of 8 a.m. on the 7th, Bitcoin(BTC) on domestic cryptocurrency exchanges was recorded at 13,551,500,000 KRW, down 0.65% from 24 hours earlier.

Bitcoin(BTC), which had surpassed $94,000 the previous day, is adjusting to around $93,000 as short-term profit-taking sell orders emerge. MSCI(MSCI) has decided to hold off on excluding certain companies from its cryptocurrency strategic reserve(DAT) index, alleviating concerns over large-scale selling pressure.

As of 8 a.m. on the 7th, based on global cryptocurrency market data, BTC was traded at $93,301.57, down 0.92% from 24 hours earlier. Ethereum(ETH) rose 1.14% to $3,277.25. XRP(XRP) fell 1.97% to $2.291, and Binance Coin(BNB) decreased slightly by 0.01% to $912.65.

The domestic market shows a similar trend. On domestic cryptocurrency exchanges, BTC was recorded at 13,551,500,000 KRW, down 0.65% from 24 hours earlier. ETH is trading at 4,758,000 KRW, up 1.41%, and XRP is trading at 3,329 KRW, down 1.51%.

This correction in BTC is attributed to profit-taking sell orders. Order book data indicates that approximately $100 million worth of sell orders were concentrated between $94,000 and $95,000 across major exchanges.

Meanwhile, MSCI’s decision to hold off on excluding certain companies from its index has eased concerns over large-scale selling pressure. MSCI plans to maintain the current index composition until the 2026 review.

Earlier, MSCI discussed excluding companies whose assets are mostly composed of cryptocurrencies from its index in October last year. There are concerns that if MSCI excludes these companies, it could trigger up to $15 billion (approximately 21.7 trillion KRW) in cryptocurrency sell-off pressure.

The fear and greed index from a cryptocurrency data analysis firm rose 13 points from the previous day to 44, indicating a ‘fear’ state. The index approaches 0 when investor sentiment is subdued, and approaches 100 when the market is overheated.