Betting Odds Predict an Even Steeper Drop for Bitcoin

November has been quite the somber month for cryptocurrency investors. After summer and fall season of crypto winter, the worst was yet to come. Bitcoin, the flagship cryptocurrency topped out at $64K per coin less than a year ago and as I write this article it is holding steady at just $16,800.

Many factors contributed to the decline in value of the virtual asset but in November there is one major culprit: FTX

The online exchange, which was championed may dozens of celebrities including Tom Brady and Steph Curry, filed for bankruptcy after there was a run on the bank. The run happened as a result of customers finding out that the company may could possibly be insolvent as a result of their own illicit activities, something which was later verified. You can find out more about the fall of FTX here

The coin dropped from almost $20K to right around $15K, wiping out 25% of value across the board. As a result of nothing but bad news from the crypto-sector, as well as an economy featuring runaway inflation, predictions about the value of BTC are negative. One certain way to gauge what the public and experts are thinking is to look up the betting odds.

BetUS.com has listed an Over/Under number as to what BTC will be worth on December 31st, 2022 and BTC investors are not going to like it. The over/under is only $12,500. But the over is -350 whereas the under is +225, which is a silver lining I suppose. Unfortunately the most likely range for BTC, according to the odds, is between $10,000 and $19,999 with the second most likely range falling between 0$ and $9,999.

You can also bet the exact range of what the coin will be worth. Those odds can be found below: