Oddsmakers sour on Bitcoin, say $10,000 dip looks increasingly likely

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Chris MorrisJune 10, 2021, 11:30 AM·2 min read

Bitcoin has dropped more than 40% in the past two months, and oddsmakers are beginning to wager that the cryptocurrency has a much steeper fall ahead.

Bookmakers at US-Bookies.com have raised the odds that Bitcoin drops to $10,000 this year to 8-to-11—a 57.9% implied probability.

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A handful of bookies are even more pessimistic. Bitcoin presently has 33-to-1 odds of dropping below $1,000 by the end of the year (just a 2.9% implied probability). That, of course, is unlikely, but it’s notable that in mid-April, the odds of the crypto falling that low were 250-to-1 (a 0.4% implied probability).

Making such wagers on crypto, at least in a casino or online betting forum, is illegal in the U.S.

The data from US-Bookies is taken from European and worldwide markets, where it is allowed.

The shift in oddsmaker sentiment comes amid bullish and...