Bitcoin to tumble further: oddsmakers bet on drop to $10K

SourceYahoo News
CountryMiddle east

Yahoo FinanceBitcoin to tumble further: oddsmakers bet on drop to $10KIhsaan FanusieJune 11, 2021, 7:23 AM·2 min read

Bitcoin’s (BTC-USD) chances of falling below $10,000 have increased significantly since mid-April, according to betting aggregators

The odds that Bitcoin drops to $10,000 in 2021 were 8/11 (57.9% implied probability), a sharp increase from mid-April, where the odds were 4/1 (20%).

“The latest trends have not indicated a positive outcome for the popular cryptocurrency,” a US-Bookies spokesperson said. Bitcoin rose over $2,000 Thursday after the Basel Committee recognized it as an asset class, but fell back down later in the day.

“There are many factors that affect trader sentiment,” the spokesperson said. “But the most significant appear to be US monetary policy and the impact of pressure from mainland China.”

China’s Qinghai province took an aggressive stance against crypto Wednesday by ordering all crypto miners to shut down.

The region, which was a hub of mining activity, is the latest of several East Asian regions, more...