Crypto: Polymarket Odds Of Bitcoin Under $55k At 72% As BTC Market Cap Dives

Bitcoin’s market cap dropped to $1.31 trillion, slipping to 15th globally as prices dipped below $65,000, fueling rising bearish bets on Polymarket.

Bitcoin slid below $65,000 over the weekend before stabilizing on Monday as traders on prediction market Polymarket increased bets that the cryptocurrency’s pullback has further to run.

The odds of Bitcoin (BTC) falling below $55,000 climbed to 72% on Polymarket, with $1.2 million in volume on the platform.

Other bearish bets include price declines below $50,000 and $45,000, with odds of 61% and 47%, and trading volumes of $170,000 and $1.4 million, respectively.

Bitcoin briefly fell below $65,000 on Sunday before recovering to around $65,900 at the time of writing, according to TradingView data.

Bitcoin’s market cap also slid to roughly $1.31 trillion, dropping behind the Vanguard S&P 500 ETF (VOO) and falling to 15th globally amid the ongoing crypto market rout, according to 8marketcap.

Bitcoin’s market capitalization has fallen by about $440 billion this year, roughly a quarter of its value, with prices sliding from around $90,000.

The total crypto market cap has seen a similar drop, shedding about $760 billion, or 24.5%, according to CoinGecko data.

At $65,900, BTC has gained roughly 22% over the past five years, showing the asset’s volatility and reigniting questions about its role as an inflation hedge.

Traders’ expectations that Bitcoin could drop below $55,000 align with views from analysts, major financial institutions and native market platforms.

Source: CoinTelegraph