• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Bitcoin’s chances of topping $100k tumble as crypto bulls flee

May 24, 2021 by Staff Reporter

The likelihood of bitcoin reaching $100,000 before the end of 2021 has narrowed on the back of a mass sell-off in crypto markets that continued to hurt the largest cryptocurrency.

Bitcoin’s chances of topping $100,000 this year fell to 16.7% as of 10:30am BST on 19 May, according to an analysis of betting odds from Unikrn by Financial News. This compared to a flat rate of 20% for the last two weeks, where bitcoin’s most optimistic future had largely been unchanged.

The price of bitcoin has fallen as much as 30% in the last 24 hours, dropping below the $35,000 threshold to reach a 24-hour low of $30,201 at around 2pm BST on 19 May.

Cryptocurrency exchanges were experiencing major outages during peak periods of trading activity, including Coinbase and Binance. Bitcoin’s decline means it has returned to the same territory it occupied prior to a major boost from Tesla in February when the carmaker announced it had bought $1.5bn worth of tokens for its corporate treasury.

READ Bitcoin tanks below $40,000 mark as Tesla gains erased

Other cryptocurrencies also suffered in the wider sell-off, with ether down 30%, and bitcoin cash, stellar, EOS and litecoin down more than 40%.

“This price drop has also been a few weeks in the making,” Simon Peters, cryptoasset analyst at eToro, told Financial News earlier in the day, noting momentum indicators that from a technical point of view had already flagged a correction “was on the cards”.

“However, the main takeaway is that all markets have ups and downs. Crypto is still a new and volatile asset class which has yet to be tested in an inflationary environment. Investors must therefore remember the basics and avoid decisions based only on price.”

Meanwhile, the chances of bitcoin falling below $10,000 this year remained unchanged from an earlier dip on 13 May at 21%. A new market offered by Unikrn showed bitcoin’s likelihood of ending the year above $50k were average, at 52%.

“Most of the people who talk with this sort of religious zeal about crypto just have no idea about investment”

Separate markets for Tesla boss Elon Musk’s new favourite cryptocurrency dogecoin showed the meme token’s chances of ending the year above $5 are edging downwards, dropping to 28.6% on 19 May from 29% a week earlier.

Dogecoin proved to not be infallible during the wider sell-off, falling 16% in the last 24 hours.

READ Bitcoin mania lures short-seller who raked in 50% return on MicroStrategy

Outflows for digital assets in the seven days to 17 May were solely from bitcoin products, according to data from Coinshares, which totalled $98m or 0.2% of the assets under management. Though small, it marked the largest outflow seen since Coinshares began recording the data in early 2019.

“This idea of investing as just pure speculation is going to diminish, and ultimately I think that’s a good thing,” said Argonaut Capital’s Barry Norris, a crypto sceptic who has made a 50% return shorting popular crypto-exposed stock MicroStrategy in recent weeks.

“Most of the people who talk with this sort of religious zeal about crypto just have no idea about investment… Too many people have a sort of Jack and the Beanstalk attitude to investing, they’ve been trading in the family cow for some magic beans — let’s see where that takes them.”

To contact the author of this story with feedback or news, email Emily Nicolle

>>>ad: Don't Miss TODAY'S BEST Amazon Deals!

Originally Appeared Here

Filed Under: BUSINESS, MONEY

Primary Sidebar

More to See

EJ Jenkins Hopes to be a Versatile Receiving Threat for Georgia Tech This Season

One of Georgia Tech's most impactful incoming transfers could be EJ Jenkins. Jenkins is coming over from South Carolina, where he was used as a wide … [Read More...] about EJ Jenkins Hopes to be a Versatile Receiving Threat for Georgia Tech This Season

Stock futures dip following S&P 500’s third winning week in a row

Traders on the floor of the NYSE, Aug. 4, 2022.Source: NYSEStock futures traded slightly lower in overnight trading Sunday, following the S&P 500's … [Read More...] about Stock futures dip following S&P 500’s third winning week in a row

Why it is a must to choose your Realtor wisely?

In 2021, Las Vegas experienced its most frenzied market in years. Any agent could put a house on the market and it had a considerable chance to sell. … [Read More...] about Why it is a must to choose your Realtor wisely?

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT