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Bitcoin Faces Potential Drop to $50K!
10x Research believes Bitcoin’s drop below crucial support levels could signal a deeper fall to $50K.
Danielle du Toit
July 05, 2024
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10x Research Experts Predict Bitcoin Could plummet to $50,000
Mt Gox Starts Making Repayments in Bitcoin and Bitcoin Cash
Biden’s Reelection Odds Brush Single Digits on Polymarket
Bitcoin ETF Risks Exposed: Peter Schiff’s Warning for Investors
10x Research believes Bitcoin’s drop below crucial support levels could signal a deeper fall to $50K.
According to 10x Research, Bitcoin's recent drop is likely driven by a shift in market sentiment and increased selling pressure, especially from long-term holders taking profits.
Some other major factors affecting the market include large Bitcoin transfers by the German government and the anticipated repayments by Mt. Gox.
10x Research advised traders to rather prioritize risk management because of the ongoing volatility, and stated that only ill-informed traders are buying Bitcoin now.
Mt. Gox started distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash today.
Mt. Gox has begun repaying some creditors, while informing others that they will have to wait a bit longer for their repayments.
The repayments are being made through designated cryptocurrency exchanges, which is in line with the rehabilitation plan.
These repayments are happening a decade after Mt. Gox's collapse, which led to extensive legal proceedings and recovery efforts for the lost assets.
The odds of President Joe Biden being reelected fell as low as 9% on decentralized predictions platform Polymarket.
Biden's odds for winning the 2024 Presidential Election on Polymarket have briefly recovered to 10%.
Former President Donald Trump is still the leading candidate with 61% odds, followed by Kamala Harris with 19% odds.
On PredictIt, Biden's odds have also decreased, with share prices dropping from $0.25 to $0.20.
Bitcoin critic Peter Schiff is doubling down on his skepticism of Bitcoin Exchange-Traded Funds (ETFs).
Peter Schiff predicts major losses for investors as the leading cryptocurrency’s price continues to fall from its peak.
Over 70% of investors who bought Bitcoin ETFs at higher prices are now facing losses according to Schiff.
Schiff's comments sparked mixed reactions on social media, with some users suggesting his predictions might be inversely correlated with actual market outcomes.
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