Kalshi, a premier prediction market platform in the US, has rolled out an innovative way for individuals to speculate on cryptocurrency prices, specifically Bitcoin and Ethereum. The firm has launched five new prediction contracts that enable users to make informed guesses on potential price outcomes for these digital currencies. This move comes as cryptocurrencies continue to draw heightened interest from the public.
Expanding Betting Options in Crypto
The newly introduced contracts by Kalshi allow speculations on Bitcoin reaching price points from $75,000 to over $150,000. Additionally, there is a dedicated contract for forecasting Ethereum’s daily trading price. These betting instruments come alongside Kalshi’s array of prediction markets on various events, such as the Federal Reserve’s interest rate decisions and environmental factors like hurricane occurrences.
The timing of these markets coincides with a surge in the US cryptocurrency landscape, particularly following the second half of the previous year when spot Bitcoin ETFs were greenlit. Since then, a significant uptick in crypto valuations has been noted, with a 115% increase in the GMCI 30 index, which tracks 30 significant cryptocurrencies.
Bitcoin’s Price Dynamics
Despite the recent buzz, Bitcoin faced a downturn, sliding below its peak of $73,750 to under $65,000. This price adjustment sparked discussions concerning a potential market bubble. Kris Marszalek, CEO of the exchange Crypto.com, however, viewed this dip as a beneficial market correction that alleviates the accumulated leverage.
Nevertheless, Bitcoin’s valuation has since rebounded, currently trading above $68,000. The support from platforms like Kalshi not only provides new avenues for market participation but also reinforces the growing enthusiasm for cryptocurrency investments.