Summary
- It was reported that on Polymarket, the probability of Ethereum (ETH) reaching $5,000 dropped from 64% to 24%.
- During the same period, the probability of reaching $4,800 also fell from 90% to 47%.
- It was reported that this is due to the United States Producer Price Index (PPI) announcement, which led to an overall decline in cryptocurrency prices.
According to CryptoPotato, a cryptocurrency-focused media outlet, on the 18th (local time), the probability of Ethereum (ETH) reaching $5,000 by the end of August on Polymarket, a prediction market platform, dropped sharply from 64% last week to 24%.
The probability of reaching $4,800 also fell from 90% to 47% during the same period.
This is interpreted as a result of the overall decline in cryptocurrency prices after the latest United States Producer Price Index (PPI) announcement significantly beat expectations last week.
As of 00:55 on the 19th, ETH is being traded at $4,340 on the Binance Tether (USDT) market, down 4.84% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
