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Cboe’s latest move could make trading as simple as a ‘yes or no,’ rivalling prediction markets

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Cboe's latest move could make trading as simple as a ‘yes or no,’ rivalling prediction markets

Cboe Global Markets confirmed that it is developing a new options-based product offering all-or-none payouts, a structure that could put the exchange in direct competition with prediction markets like Polymarket, Kalshi, Robinhood and Coinbase.

Cboe, the primary venue for options trading and famous for creating the Cboe Volatility Index (VIX), is in early talks with brokerages and market makers about how the product would work, according to an earlier WSJ report.

While details are still being finalized, the goal is to use a traditional options wrapper to deliver fixed-return outcomes on yes-or-no style event contracts, a person familiar with the situation told CoinDesk.

These types of derivatives — sometimes referred to as binary options or fixed-return contracts — allow traders to wager on whether a specific event will occur. If the event happens, the contract pays out a fixed cash amount. If not, it settles at zero. That payoff structure mirrors the mechanics of prediction markets, where users bet on everything from central bank moves to election results.

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Cboe is no stranger to binary-style options. In 2008, the exchange launched binary call options tied to the S&P 500 and the Cboe Volatility Index (VIX), allowing traders to bet on whether those indexes would close above a certain level. But the products struggled to gain traction and were eventually delisted.

This new initiative, however, is not intended as a direct relaunch of those earlier instruments, the person told CoinDesk. Instead, Cboe appears to be exploring ways to modernize the concept and appeal to a broader base of retail and institutional users. A key focus is delivering a better end-user experience, possibly with more intuitive market access or clearer contract terms.

If launched, the offering could carve out space in a fast-growing segment of the derivatives market. Platforms like Kalshi, a CFTC-regulated venue, already offer event-based contracts on macroeconomic outcomes. Polymarket, operating on a blockchain, has seen surging volumes during election cycles and high-profile geopolitical events. Coinbase (COIN) also recently launched prediction markets trading on its platform in partnership with Kalshi.

The exchange has not yet confirmed a timeline, and it remains unclear which specific events or outcomes the contracts would target.

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Bitcoin nears $73K again as ETH and HYPE push higher

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Source: CoinGecko

Bitcoin (BTC) extended its upward move over the past 24 hours and reached its highest level in three weeks. 

Summary

  • Bitcoin climbed above $73,000 as traders weighed cease-fire updates and stronger March CPI data yesterday.
  • Ethereum moved back above $2,200, while HYPE and DASH posted gains across the altcoin market.
  • RAVE surged 100% in one day and entered the top 100 tokens.

The broader crypto market also moved higher, with Ethereum (ETH), HYPE (HYPE), and RAVE among the tokens posting gains.

Bitcoin traded in a tight range between $66,000 and $67,000 over the weekend. That changed on Monday when the asset moved above $70,000 after reports said the United States and Iran had started talks.

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The price later slipped below $68,000 after follow-up reports challenged that claim. Bitcoin then turned higher again on Tuesday after both sides announced a “two-week cease-fire,” which supported market sentiment.

The asset kept climbing even after March CPI data showed stronger inflation. It reached $73,500 earlier today, its highest level since March 18, before easing slightly below $73,000.

Bitcoin’s market value rose to $1.455 trillion, according to CoinGecko data. Its share of the total crypto market also increased over the past week and now stands above 57%.

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Source: CoinGecko
Source: CoinGecko

Ethereum, HYPE, and RAVE lead altcoin gains

Ethereum moved back above the $2,200 mark after a 2.3% daily rise. BNB also traded higher and moved past $600, while HYPE climbed more than 5% and reclaimed $40.

Most large-cap altcoins followed the same direction, though gains remained moderate. A few tokens, including WLFI, XMR, and CC, posted small losses during the session.

RAVE recorded the strongest move among the top gainers. The token jumped 100% in one day and extended its weekly gain to about 700%, which pushed it into the top 100 assets by market value.

DASH also posted a sharp advance and moved above $45 after a 13% gain. SIREN added 10% and returned to the $0.80 level.

The total crypto market value increased by more than $100 billion from last week. It stood at $2.530 trillion at press time, showing broader strength across the sector.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Iran Bitcoin toll report raises questions over oil ship payments

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UK shuts down crypto exchange Zedxion after sanctions probe ties platform to Iranian networks

Reports that Iran may accept crypto for oil tanker tolls in the Strait of Hormuz have sparked debate across the digital asset market. 

Summary

  • Reports on Iran’s possible crypto tolls for oil tankers have split opinion across Bitcoin and stablecoin circles.
  • Analysts said stablecoins face freeze risks, while Bitcoin supporters called BTC harder to block or control.
  • Galaxy’s Alex Thorn said tanker payments may use Bitcoin addresses, not Lightning, due to size limits.

The discussion followed a Financial Times report that linked the proposal to Iran’s efforts to reduce exposure to US sanctions.

Market participants have focused on one question: whether Bitcoin would play a real role in such payments. Conflicting claims have since pointed to stablecoins or Chinese yuan as other possible options.

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The latest debate started after reports said Iran was considering Bitcoin payments for ships crossing the Strait of Hormuz. The waterway remains one of the world’s busiest energy routes, which has pushed the topic beyond crypto circles and into wider market discussions.

Alex Thorn, head of firmwide research at Galaxy, said later reports did not fully support the original Bitcoin claim. He said some accounts suggested the tolls could instead be settled in stablecoins or Chinese yuan, which left the payment method unclear.

That uncertainty has driven much of the reaction from Bitcoin supporters and market analysts. With no confirmed payment framework in place, traders and industry figures have treated the story as a developing issue rather than a settled policy.

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The lack of an official and detailed public plan from Iranian authorities has also kept room for doubt. For now, the crypto market is responding more to reports and commentary than to a final rule.

Bitcoin and stablecoins draw different arguments

Bitcoin supporters argued that BTC would be harder for outside parties to freeze or block. Justin Bechler said, “USDT and USDC include built-in blacklist functions at the smart contract level,” adding that issuers can freeze funds when addresses are flagged.

He also said, “Bitcoin has no issuer, no compliance officer to pressure, and no freeze function.” That argument has pushed some market participants to present Bitcoin as a more resilient option for cross-border settlement under sanctions pressure.

Still, that view has not settled the debate. Stablecoins remain widely used in global crypto payments because they reduce price swings, and that may still matter for any large commercial transaction tied to oil shipping.

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The discussion also reflects the difference between theory and practice. A payment method may look strong on paper, but large state-linked payments depend on speed, scale, compliance risk, and operational ease.

Payment size and logistics remain key issues

Thorn estimated that tanker tolls could range from $200,000 to $2 million per ship. That size has raised doubts about whether the Lightning Network would be the main rail, even though some early reporting suggested a payment could be completed within seconds.

He said the more likely setup would involve Iran providing a QR code or a Bitcoin address after approving a ship’s passage. That method would avoid the limits that can affect very large Lightning payments.

Thorn also noted that the largest known Lightning transaction to date was about $1 million. That figure matters because some tanker tolls may sit above that level, which could make direct onchain settlement or pre-arranged transfers more practical.

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WLFI Drops to Record Low After Token-Backed Borrowing Raises Risk Concerns

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WLFI Drops to Record Low After Token-Backed Borrowing Raises Risk Concerns

WLFI, the native token of the Donald Trump–backed World Liberty Financial platform, sank to an all-time low on Saturday as crypto users expressed concerns after revelations that the project used a large amount of its own tokens to take out loans.

The token hit a new low of around $0.07714 on Saturday, down 83% from its peak of $0.46 reached last September, according to data from CoinMarketCap. WLFI is currently at $0.07879, down by 4.66% over the past day.

The downturn came after it was revealed that wallets linked to World Liberty Financial deployed substantial WLFI holdings as collateral on Dolomite, a decentralized lending platform co-founded by the project’s chief technology officer, Corey Caplan.

WLFI token down 65% over the past year. Source: CoinMarketCap

Onchain data from Arkham shows that a wallet linked to World Liberty Financial deposited around 5 billion WLFI tokens on Dolomite. The wallet then used the tokens as collateral to borrow $75 million in USD1 and USDC (USDC) stablecoins, later transferring more than $40 million to Coinbase Prime.

Related: CFTC unveils innovation task force members in crypto clarity push

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WLFI-backed loan position sparks concerns

The large collateral position has raised concerns among DeFi analysts, who warn it could create risks for lenders on Dolomite if WLFI’s price falls and approaches liquidation levels.

“WLFI has almost a $10 billion FDV, but it is not an extremely liquid asset,” one user wrote on X. “So imagine what would happen if 5% of WLFI’s total supply would suddenly need to be sold to liquidate the position,” he added.

Another X user argued that the setup resembles creating artificial “chips” and borrowing against them. “It’s the financial equivalent of printing casino chips, borrowing cash against them, and telling everyone else not to panic because the house still believes in the chips,” they claimed.

Source: Ethan DeFi

Dolomite has a relatively small footprint in decentralized finance, ranking 19th among lending platforms by total value locked, according to DefiLlama.

Related: White House warns staff as Iran bets add to growing insider trading concerns

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World Liberty defends WLFI lending

World Liberty Financial acknowledged the lending activity on social media, but sought to calm markets, stating that its positions remain well above liquidation thresholds. The project described itself as an “anchor borrower” for WLFI and argued that the strategy helps generate yield.

“Everyday users are earning outsized stablecoin yields right now — at a time when traditional markets are offering very little. That’s the whole point,” the project wrote on X.

On Friday, World Liberty said it will soon introduce a governance proposal to create a phased unlock schedule for WLFI tokens held by early retail buyers, replacing immediate access with a long-term vesting plan subject to community vote.

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