Bitcoin's $100K Christmas Odds Collapse

Dow Jones11-02 14:39

0639 GMT - It's striking how quickly sentiment changed after the Binance hack, says Nick Forster, founder and CEO of Derive.xyz. Derive options price a 3.5% probability of Bitcoin exceeding $100,000 by Christmas, down from 6% previously. The odds of Bitcoin exceeding $90,000 stand at 14%, while the chance of it being above $80,000 stands at 44%, he says. Traders see Bitcoin as slightly more likely than not to finish the year below $80,000, with a one-in-five chance of a drop below $70,000 by Christmas. The next major test is the U.S. midterms. Derive options price a typical Bitcoin move of approximately 3.1% over the 24-hour period covering election night. They assign a 26% probability of Bitcoin recovering above $80,000 by Friday. Bitcoin was last at $78,102.

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