As I was anchoring CNBC’s “Squawkbox Europe” on Thursday, my producers put this in my rundown for me to read. It made me think a bit, as indeed all good reads tend to do:
“Bitcoin is tumbling for the second straight day, with the cryptocurrency falling below the 71-thousand mark earlier this morning. Prediction markets are betting the cryptocurrency will see even more declines, with an over 80-percent chance on Polymarket that Bitcoin will hit the 65-thousand mark this year.”
On the surface, it’s just another read on how investors are trading the major cryptocurrency and where they think it will go next.
So far, so good. But there’s something more subtle in it that speaks volumes about the way so many traders, and not investors, have moved on from betting on cryptocurrencies and found other, shiny new toys play with.
The phenomenon has been abundant over the last few weeks, as gold and especially silver were captivating the room.
