Amid increasing U.S. regulatory scrutiny, popular crypto-based betting platform Polymarket secures funding to expand its global operations despite restrictions.
Peter Thiel’s Founders Fund, Vitalik Buterin Back $45M Investment in Polymarket
The series B funding round comes during a breakout year for the crypto-based prediction market platform, and brings its total funding close to $75 million.
U.S. CFTC Proposes Ban on Political Event Contracts
The U.S. Commodity Futures Trading Commission (CFTC) proposed a formal rejection of event contracts that bet on the outcome of political activity in a vote on Friday, beginning an effort to wall off U.S. customers from platforms that allow the trading of predictive contracts.
Traders rush to short Ether as Grayscale pulls its futures ETF plan
A 3% rebound in Ether’s price would wipe $345 million in short positions amid Grayscale withdrawing its Ether futures ETF application.
Elon Musk Will Likely Remain Tesla CEO, and Tweet Non-Stop: Prediction Markets
Also: Trump faces likely conviction, per Polymarket punters; CFTC hearing to discuss political betting ban.
Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers
Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May.
The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%.
Pessimism Deepens As Ethereum ETFs Remain Uncertain
As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store.
According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions.
“Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission.
Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise.
It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May.
He stated:
The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned.
In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations.
ETH Price Sees Positive Movement
While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend.
Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day.
Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months.
Polymarket Odds Say Columbia University President Will Keep Job
Continuing pro-Palestine protests won’t lead to Minouche Shafik having a fate similar to Claudine Gay, who was recently forced to resign as Harvard’s president, the prediction market signals. Plus: Kalshi bettors don’t think Taylor Swift will break her record.
Polymarket Traders See 32% Chance of No Fed Rate Cuts This Year
The hawkish shift in the market sentiment could dampen the demand for risk assets, including cryptocurrencies and technology stocks.
Bitcoin Back Down to $66K as Rising Treasury Yields Catch Investor Interest
Prediction markets and CME’s Fed Watch Tool have virtually ruled out a rate cut until later this year
How Many Years Will SBF Get? Jury’s Out on Betting Platform Polymarket
Plus: Tesla’s delivery numbers will fall short of record, Kalshi traders signal; “Ghostbusters” fandom underestimated.
U.S. CFTC’s Behnam Says Agency Writing New Policy on Prediction Markets
U.S. Commodity Futures Trading Commission Chair Rostin Behnam said his agency will propose a rule in the coming months to establish new regulations for prediction markets.
MOON Holder Makes 550% on Predictions Platform Polymarket as Bitcoin Moves Above $50K
The trader had bought the Yes side shares of the now-expired Polymarket-based betting contract “Will BTC hit $50,000 in February?”
Polymarket Traders See 55% Chance of Second Trump Presidency
Polymarket Traders See 55% Chance of Second Trump Presidency
He Exposed Harvard President’s Plagiarism, Then Lost Money Betting on the Story
Are prediction markets the future of investigative journalism? Maybe, says Chris Brunet, whose reporting led to Claudine Gay’s resignation – though he’s yet to profit from his scoops.
Bitcoin ETF Frenzy Brings Windfall Volume to Decentralized Predictions Platform Polymarket
Polymarket saw betting contracts worth more than $5.7 million change hands on Wednesday.
‘Deniers Are Crypto’s Flat Earthers’ as Markets Flash 83% Odds of Bitcoin ETF Approval
The popular Polymarket market bet “Bitcoin ETF approved by Jan 15?” has attracted almost $1 million in volume from hundreds of users.
Polymarket Traders See 89% Chance of SEC Approving Spot BTC ETF by Jan. 15
Some investors have bought the “No side shares” of the prediction contract to hedge against potential delays in the SEC’s approval of spot ETFs.
Taiwan officials launch inquiry into crypto betting on election results: Report
Several Taiwanese residents were reportedly using the decentralized betting platform Polymarket, the same platform that saw record-breaking trading volumes during the 2020 United States election.
Taiwanese Authorities Investigating Blockchain Betters over Polymarket Election Contract: Report
The Presidential and Vice Presidential Election and Recall Act specifically prohibits gambling on elections.