Bitcoins (BTC-USD) chances of falling below $10,000 have increased significantly since mid-April, according to betting aggregators US-Bookies.com.
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.
Chinas 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, including Xinjiang Inner Mongolia, to ban the practice.
Financial sector analysts have identified Bitcoin's reduced market share as a crucial detail supporting bearish attitudes. The virtual currency now represents about 40% of the crypto market, down from 70%.
It should be noted, the spokesperson said, that the market for betting on bitcoin is very small and extends to a handful of jurisdictions globally where sportsbook betting on bitcoin is legal, like Europe. Betting on bitcoin is illegal within the United States.
The data came as little surprise to US-Bookies, as bitcoins predicted gloomy future is within the context of a broader market correction. Cryptocurrency investors should be aware of the asset classes' volatility and these odds are aligned with the sharp correction in the market of late, the spokesperson said.
Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter @IFanusie.
More from Ihsaan:
Connecticut to offer a $1,000 bonus for individuals re-entering job market
Story continues
Kids should be masking, especially indoors: Doctor
Elon Musk is a tourist in crypto,' Celsius Network CEO says
Only 20% of Americans familiar with NFTs, 4 million have used: Survey
Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit
Follow this link:
Bitcoin to tumble further: oddsmakers bet on drop to $10K - Yahoo Finance
- Chinas Bitcoin Exchanges Say Banks Will Close Their Accounts [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How I created my own bitcoin [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How I created my own bitcoin-like currency [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin players knock on Washington doors [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- How does Bitcoin work? - Bitcoin [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Should We Do a Bitcoin Sketch? - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin Talk Show #4 with Chris Ellis and Thomas Hunt - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin - an Introduction - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin ATM Unveiled on Capitol Hill - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Fla. Bitcoin Case Tests Money Laundering Limits - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Capitol Hill Bitcoin ATM...No Anonymity! April 10 2014 - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- BREAKING: US Congressman Steve Stockman To Introduce First Bitcoin Bill - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- 10 Things You Didn't Know About BitCoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- All about Bitcoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Internet vs Bitcoin - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Bitcoin: The Future of Currency? - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Watching Bitcoin dropping to new lows - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin ATM unveiled in Washington DC: revolutionary digital currency arrives on Capitol Hill - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Qu'est-ce que le bitcoin ? - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Decentralize Everything -- Congresswoman Velazquez supports Bitcoin -- Stallman in Vienna - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Drake Bitcoin's Here Music Video - Bitcoin T Shirt Store - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- China tightens leash on bitcoin - Biz Wire - April 4,2014 - BONTV China - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- What is BITCOIN? Andreas Antonopoulos & Amir Taaki explain BTC value - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Texas Bitcoin Conference - Robocoin & Coinvault ATM - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Texas Bitcoin Conference - BitShares - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Is Bitcoin the Future of Money? (with Timothy B. Lee) - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Robert Murphy at Texas Bitcoin Conference 2014 about Austrian Economics, money theory and Bitcoin - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- CryptexCard - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Father of Virtual Reality on Bitcoin April 8 2014 - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- California's first bitcoin ATM launches in Silicon Valley - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin Fight Night: Kickboxing for bitcoin and Max Keiser 'defeats banksters' - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bitcoin blunder: Satoshi Nakamoto denies all involvement with cryptocurrency [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin gets easier for consumers to buy, spend [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- 11.04.14 Forex, Bitcoin Romanov Capital - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- USA: Capitol Hill gets its own Bitcoin ATM - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin, a moeda virtual. - Video [Last Updated On: April 13th, 2014] [Originally Added On: April 13th, 2014]
- Bitcoin creator Satoshi Nakamoto tracked down, but says story has no currency [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bitcoin's backers know they need to win you over [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- [Structure] Heartbleed and Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- BitCoin mining frame - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Where Do You Think US Bitcoin Regulations Are Headed? - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Dwyer 4-11-14 Bitcoin Update - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- 4/10/14 - China & BTC, Bitcoin Tax Solutions, Libra, BitInvest Coincards - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Ben Lawsky & NY Regulators on Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bill to Change IRS Ruling on Bitcoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Bitcoin is not over! Bitcoin Indian Food Night Saturday! (adult language, parody and yelling) - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Demonstrating a Bitcoin ATM at Dig South - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- 10 Things You Didn t Know About BitCoin - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- How Bitcoin Works in 5 Minutes - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin Below $400, Massive Security Breach, 4,000 Merchants, and Congress - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Reddit Co-founder Alexis Ohanian talks Bitcoin security, Mt. Gox on Joe Rogan Experience - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Cointools: Drupal & Bitcoin == $awesome - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin ATM, Black Star Pastry, Rosebery, Sydney, Australia (Vending machine, BTM) - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- My Bitcoin Call to Alex Jones Infowars Digital Paper Wallets Storage - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- The Bitcoin Group #25 (Live) -- Bitcoin Sports -- Gox Buyout? -- Sidechains -- Dogecoin Merged? - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- 4/11/14 - China, Mt. Gox buyout, Gyft Cloud, BIT, new bitcoin symbol - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- 9 Year Old Explains Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- CITP Bitcoin Panel 2 Altcoins - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Why US Regulators Should Go Easy on Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- In Crypto We Trust Hackathon Pitches - Bitcoin Expo 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- CITP Bitcoin - Panel 1: Economics and Public Policy - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- David Chen of Lightspeed Ventures visits Plug and Play Bitcoin - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Video: Roundup of This Week's Bitcoin News 11th April 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Peace and Bitcoin Remastered - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- [Bitcoin] Cannot be divorced from pre-existing political theory - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Bitcoin Trade 114 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Wall Street's Fair Value of Bitcoin - Inside Bitcoins NYC 2014 - Video [Last Updated On: April 15th, 2014] [Originally Added On: April 15th, 2014]
- Elliotte Wave Technical Analysis Applied to Bitcoin - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Bitcoin Wisdom Depth Chart - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Live - Paris Bitcoin Startup #2 @TheFamily - Mercredi 16/04/2014 ds 19h - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Not Tax Day, Bitcoin Day! - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Preview: The Bitcoin Uprising - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- WCN Live: iNacho -- an interview with Jerica Truax -- win a bitcoin by rating Nachos! 🙂 - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Can You Use Bitcoin for a Tax Haven? - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- What Is Proof Of Stake In Nextcoin (NXT) vs. Proof Of Work In Bitcoin (BTC) - By Tai Zen - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Bitcoin, little failures and huge successes - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: Coin Unlimited over Bitcoin en altcoins - Edwin van den Ouden - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: Tor (The Onion Router) Joachim de Koning - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: First Steps in Ethereum - Joachim de Koning (part one) - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]
- Dutch Ethereum & Bitcoin Meetup: First Steps in Ethereum Joachim de Koning (part two) - Video [Last Updated On: April 17th, 2014] [Originally Added On: April 17th, 2014]