Bitcoin Faces Potential Drop to $50K!

10x Research believes Bitcoin’s drop below crucial support levels could signal a deeper fall to $50K.

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Here's what we've got for you today:

  • 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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