Ahead of the United States’ November elections, Kalshi will start taking deposits in USD Coin USDC$1.00, a popular stablecoin, as the prediction marketplace vies for users. The platform confirmed this on Oct. 28.
Here are the latest updates from the crypto world.
Ahead of the United States’ November elections, Kalshi will start taking deposits in USD Coin USDC$1.00, a popular stablecoin, as the prediction marketplace vies for users. The platform confirmed this on Oct. 28.
According to a report by Fortune magazine, cryptocurrency deposits will be live imminently, with offramping managed by ZeroHash, a crypto payments platform.
The rivalry among political betting platforms is intensifying, with Web3 platform Polymarket clearly leading the pack while competitors like Kalshi are striving to close the gap.
On Oct. 7, Kalshi listed event contracts for betting on US election outcomes after prevailing in a landmark court battle in September.
This has happened for the first time that an election prediction market has been permitted to operate in the US. It paves the way for others to enter the fray, including Web3 platforms such as Polymarket.
As of Oct. 23, Kalshi’s flagship market — “Who will win the Presidential election?” — has bootstrapped nearly $87 million in total betting volume since listing on Oct. 7, according to Kalshi’s website.
Analysts from the crypto exchange Bitfinex believe that a combination of Donald Trump’s potential election victory and historically bullish market trends could create a "perfect storm" that might drive Bitcoin to a new all-time high next month.
They highlighted that “the convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality creates a perfect storm for Bitcoin, setting up an exciting period ahead regardless of potential price swings as the election approaches in two weeks.”
In an October 28 market report, Bitfinex analysts noted that while Bitcoin, priced at $71,086 at the time of the report, has been experiencing substantial volatility due to factors like geopolitical tension in the Middle East and broader U.S. economic conditions, the anticipation of a Trump win on November 5 has contributed to a strong price rally.
Bitcoin is up 4.9% over the last 24 hours, its highest point in nearly five months, according to CoinGecko data.
Currently, Bitcoin sits just 3.4% away from its all-time high of $73,700, reached in March this year. Bitfinex analysts attribute Bitcoin’s recent gains to a strengthening "Trump trade" narrative, with growing correlation between crypto price action and a potential Trump victory.
On the decentralized betting platform Polymarket, Trump leads Kamala Harris by a 30% margin, while national polls from 583 show Harris leading by 1.5%.
Non-fungible token (NFT) collection, Infinex’s, Patrons, has surpassed $67.7 million in total investments within just six weeks since its launch, despite a downturn in the wider NFT market.
The Patrons NFT collection crossed the $67 million milestone with backing from Founders Fund, co-founded by billionaire and former PayPal CEO Peter Thiel.
In a post on X on 28 Oct, the platform said, non-custodial platform offers easy access to onchain protocol and decentralized applications (DApps), aiming to usher in “the next phase of our industry, the “post-CEX era.”
We are excited to reveal the successful completion of our $67.70 million Patron Sale, backed by prominent founders, foundations, funds, and communities within the onchain ecosystem.
Additionally, the platform has announced that unlocked Patrons NFTs will be withdrawable starting October 28, allowing users to sell them on NFT marketplaces such as OpenSea, with a floor price beginning at 1.22 Ether, valued at just over $3,086 at the time of writing.