As of mid-April, the chances of Bitcoin ’ s fall below $10,000 have significantly increased over the past twelve months according to betting aggregators US-Bookies.com.
The odds of Bitcoin dropping to $10,000 in 2021 were 8-11 a sharp increase from mid-April, where the odds were 4 1
The current trends have not indicated a positive outcome for the popular cryptocurrency, a US-Bookies spokesperson said. On Thursday, the bitcoin market fell over $2,000 after the Basel Committee established it as an asset class but later in the day it rose back down.
'There are many factors that affect traders' sentiment, the spokesperson said. The largest seem to be mainland China's financial policies and the impact of pressure from the US.
Wednesday, China's Qinghai province took an aggressive stance against Crypto with ordering all secret miners to shut down. The region, which was a hub of the mining activity, is the latest of several East Asian regions, including Xinjiang Inner Mongolia, to ban the practice.
Analysts in the financial sector have identified Bitcoin's reduced market share as a crucial detail supporting bearish attitudes. The digital currency now represents about 40% of the crypto market, down from 70%.
It should be noted that the sportsbook betting in bitcoin is'very small and extends to a handful of jurisdictions worldwide where the market for betting on bitcoin is illegal, like Europe. Betting on bitcoin is banned within the United States
The data is a little surprise to US investors as bitcoin's predicted gloomy future is within the context of a wider correction of the market. The Cryptocurrency investors should be aware of the volatility of the asset classes and these odds align with the late correction in the market, the spokesperson said.
Ihsaan Fanusie is a writer for Yahoo Finance at Yahoo Finance. Follow him on Twitter IFanusie.
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