Gemini Predicted: Bitcoin Dips Below $77K, Traders Eye $110 Oil, and Spurs Trade Gains Momentum After Game 1 Win

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Predictions Market Pulse

• (Crypto) Bitcoin dips below $77,000 as traders weigh risk: The price of bitcoin dipped below $77,000 on Monday, continuing a multi-day drawdown as increasing bond yields weighed on tech stocks and other risk assets. The pullback triggered a cascade of forced selling, wiping out more than $182 million in positioning, per CoinGlass data. But Gemini Predictions traders appear mostly split about price movement through the end of the week, giving it a 47% chance it finishes the week at $77,000 or above.
  
  
• (Commodities) Oil prices swing as Trump calls off attack: The price of Brent crude oil briefly touched $112 per barrel on Monday and then quickly retreated after President Donald Trump said he had called off a planned attack against Iran set for Tuesday in hopes of restarting negotiations to open the Strait of Hormuz. The two countries have been locked in a stalemate for weeks, with Iran shutting the key passage as the US aims to disarm their nuclear program. In the meantime, traders expect oil prices to remain elevated, with a 50% chance Brent crude remains at $108 or above by the end of May.
  
  
• (Sports) Spurs emerge as favorites following stunning series opening win: Entering Monday night, the San Antonio Spurs were a significant trading underdog in their Western Conference Finals matchup against the Oklahoma City Thunder, with a roughly 32% chance of winning the series. That surged to 54% after they knocked off the No. 1 seed Thunder in a 122-115 double overtime win in Oklahoma on Monday night, with Victor Wembanyama pulling in 41 points and 24 rebounds.

Contract Spotlight

Will GameStop Acquire eBay?

Last week, eBay rejected a $56 billion takeover bid from GameStop, labeling the offer as “neither credible nor attractive.” The video game company had offered the legacy online retailer $125 per share in cash and stock, but the offer failed to gain serious consideration in part because it was unclear how GameStop, valued at about $11 billion, would produce the funds to acquire eBay, which has a market capitalization exceeding $50 billion.

In an interview earlier this month on CNBC, GameStop CEO Ryan Cohen largely shrugged off questions about the details of the financing, repeating that the offer was “half-cash, half-stock” and directing the interviewers to the GameStop website to view the proposal. Cohen indicated he had procured a letter from TD Bank committing up to $20 billion in financing to fund the proposal.

Following the rejection, GameStop now must decide whether to elevate the previous offer or walk away and abandon hopes of engaging in a hostile takeover. Cohen himself has built a 5% position in eBay thus far and could take his offer directly to shareholders in hopes of persuading them to accept a deal.

On the Radar

NHL Eastern Conference Finals

The Montreal Canadiens knocked off the Buffalo Sabres on Monday night to take game seven of the Eastern Conference semifinals, setting up an Eastern Conference Finals matchup with the Carolina Hurricanes. The Hurricanes are the heavy favorites entering the series, with a 76% chance of reaching the Stanley Cup finals.

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