Sentiment surrounding Bitcoin has sharply declined on prediction platforms as the cryptocurrency’s price slipped below $63,000 earlier this Tuesday, briefly dropping to over 50% beneath its record peak.
On Myriad, a prediction market operated by Dastan—the parent company of Decrypt—participants now estimate about a 71% probability that Bitcoin will fall to $55,000 before recovering back up to $84,000. This bearish outlook has surged nearly 12% within the last day.
At the moment of writing, Bitcoin had slightly rebounded to $63,829 after experiencing a 3% decline over the previous 24 hours according to CoinGecko’s aggregated crypto prices. Overnight lows reached as far down as $62,802—the lowest level recorded on this platform since October 2024.
Over the past month alone, Bitcoin’s value has dropped by approximately 28%, currently sitting more than 49% below its all-time high of $126,080 achieved in early October.
The broader markets are also reacting to newly implemented global tariffs: a fresh 10% tax on all goods imported into the United States took effect early Tuesday morning. This trade measure directly contradicts last Friday’s Supreme Court decision which deemed such international trade policies unlawful.
President Donald Trump publicly criticized this ruling via Truth Social during the weekend. He warned that he could take “absolutely ‘terrible’ actions against foreign nations,” particularly targeting those countries accused of exploiting U.S. interests for decades.
This ongoing legal and political turmoil is expected to inject significant volatility into cryptocurrency markets according to Jimmy Xue—COO and co-founder at Axis Crypto Infrastructure Firm.
“The key development this week is watching how policy shifts unfold between the Supreme Court striking down emergency tariff powers and Washington swiftly pivoting towards Section 122 duties,” Xue explained in correspondence with Decrypt. “This dynamic creates an intense legal and economic standoff.”
Xue further noted gold’s continued strength as a safe haven asset amid turbulent times; it remains favored by investors moving away from riskier assets. At present gold prices have dipped slightly by about one percent in recent days trading near $5,154 per ounce but still stand roughly two-and-a-half percent higher than one month ago—and have soared an impressive fifty-four percent over six months per Goldprice data.
“Bitcoin continues being linked closely with ‘risk-on’ liquidity cycles,” he added. “It behaves similarly to high-growth technology stocks that investors tend to reduce exposure toward during geopolitical or fiscal crises.”