Cryptocurrency bettors are raising the possibility of Bitcoin (CRYPTO: BTC) diving below $50,000 this year as sentiment toward the leading digital asset continues to deteriorate.

Bookmakers Turn Bearish On BTC

Bearish expectations intensified overall, with the odds of Bitcoin falling below $45,000 rising to 38%, while the probability of a move below $55,000 jumping to 66%.

Nearly $40 million has been wagered on the outcome, making it one of the most keenly watched bets on Polymarket.

Bitcoin Struggles After High-Profile Exits

The jump in odds coincided with fresh turmoil in the Bitcoin market, with the leading cryptocurrency plunging below $65,000 for the first time in over two months….

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Grayscale Investments said its exchange-traded fund tracking the price of the Hyperliquid (CRYPTO: HYPE) token will begin trading on Wall Street starting Wednesday.

HYPE Grows On Wall Street

The Grayscale Hyperliquid Staking ETF will list on the Nasdaq Stock Exchange under the ticker GHYP.

The fund offers exposure to HYPE’s price performance—a token boasting a market capitalization of over $18 billion—as well as potential staking rewards that have historically averaged between 2.2% and 2.3% annually.

The ETF offers a competitive gross management fee of 0.29%, below that of current HYPE-linked funds on Wall Street.

Grayscale is the world’s largest cryptocurrency-focused asset manager…

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Economist and market commentator Peter Schiff speculated on Tuesday on the potential implications of Bitcoin’s (CRYPTO: BTC) latest crash on the broader risk asset market.

Will It Get Worse For Risk-On Assets?

In an X post, Schiff wondered if the decline is a “harbinger” of a broader downturn in risk assets, or if it would remain a “one-off” event within the cryptocurrency sphere.

“Whichever it is, we should find out soon enough. Maybe it will also be a catalyst to drive investors into value and safety.” the Bitcoin critic said.

Schiff’s remarks appeared to suggest capital reallocation into precious metals such as gold and silver, which he views as safe havens.

Bitcoin’s… Read more on Benzinga

Leading cryptocurrencies crashed on Tuesday as geopolitical uncertainty and Strategy Inc.‘s (NASDAQ:MSTR) sale of Bitcoin hammered sentiment.

Crypto Market In Blood Red

Bitcoin nearly fell below $66,000, as the apex cryptocurrency’s decline triggered an aggressive sell-off across the broader market. Ethereum plunged to a nearly three-month low, while XRP and Dogecoin also posted sharp declines.

The drop accelerated after Strategy reported selling BTC worth $2.5 million, flipping from being Bitcoin’s largest hoarder to a seller. 

A whopping $1.78 billion was liquidated from the cryptocurrency market in the last 24 hours, with $1.59 billion in long positions erased, according to…

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USDe Integration Goes Live Next Week For 100 Million Coinbase Users

Ethena founder Guy Young confirmed the integration launches next week, marking the first time Ethena products become available to Coinbase’s full user base. 

The partnership centers on dollar savings products and includes Circle’s (NYSE:CRCL) USDC stablecoin, but the companies have not disclosed the exact structure of the collaboration.

“Given the evolving nature of the CLARITY Act, we expect further potential tailwinds for onchain native products like USDe from idle balances on exchanges, and Ethena is well-positioned to support this transition,” Young posted on X. 

The CLARITY Act will determine whether platforms…

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Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, may have been politically targeted under the Biden administration, according to current Commodity Futures Trading Commission Chairman Michael Selig.

“Politically Targeted”

Speaking on CNBC’s Squawk Box, Selig said the CFTC is attempting to reverse what he described as a flawed enforcement action against Gemini.

The comments mark one of the strongest criticisms yet from a Trump-era regulator against prior U.S. crypto enforcement actions.

“The Biden administration weaponized the federal agencies against the crypto industry,” Selig said. “They politically targeted people like the Winklevoss twins, and that’s not acceptable.”

Benzinga