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Traders predict Bitcoin will fall to $55k and Ethereum to $1,500, as both drop over 20% in June
According to the Myriad prediction market, traders expect Bitcoin to fall to $55,000 on Thursday and Ethereum to $1,500, with probabilities of 77% and 88% respectively.
Bitcoin has fallen to $59,511 — down 23% this month and 1% in the past 24 hours — while Ethereum has fallen to $1,576, down 25% in June and 2.6% in the day.
The sell-off has heightened concerns about Bitcoin treasury company Strategy (MSTR), whose stock price has plummeted 45% this month.
Its preferred stock issuance STRC fell 22% in June, to around $77.
According to Bitwise Chief Investment Officer Matt Hougan, STRC trading in $70s is driving short-term Bitcoin pressure, with the market worried that Strategy may be forced to sell holdings.