Bitcoin's market capitalisation fell to $1.31 trillion and the cryptocurrency slipped below $65,000, Cointelegraph reported on Feb. 23. On prediction market Polymarket, the probability of bitcoin falling to $55,000 or lower rose to 72 percent. The probability of a drop to $50,000 or lower was put at 67 percent, and to $45,000 or lower at 47 percent. Related trading volumes were tallied at $170,000 and $1.4 billion, respectively.
Bitcoin briefly fell below $65,000 on Sunday and is now holding around $65,900. Bitcoin's market capitalisation also declined to $1.31 trillion.
This year, bitcoin's market value has fallen by $440 billion. The overall cryptocurrency market also declined 24.5 percent, shedding $760 billion.
Standard Chartered analysts raised the possibility that bitcoin could fall to $50,000, while CryptoQuant forecast that $55,000 could be the bottom.
Chi-gyu Hwang
delight@d-today.co.kr