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BTC hits fresh 2026 low as day’s plunge continues

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BTC hits fresh 2026 low as day's plunge continues

Bitcoin’s price continued to pull back in late Thursday evening U.S. hours, tumbling to as low as $81,000 before bouncing to the current $82,000.

The world’s largest cryptocurrency has now lost nearly $10,000 over the past 24 hours of trading. More than $777 million in crypto longs were liquidated over the past hour, with that sum rising to $1.75 billion over the past 24 hours, according to CoinGlass.

The broader cryptocurrency market likewise saw prices tank by 7% to 9% over the past 24 hours, with ether hovering around $2,700, BNB around $843, and XRP around $1.74.

Read more: Bitcoin holds $84,000 — for now — but analysts warn of drop to $70,000 if support fails

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A CoinDesk analysis suggested that bitcoin’s price falling below $85,000 would suggest a further collapse.

At current levels, bitcoin is barely hanging on above its November low, just under $81,000. Beyond that, the next level of support could be the tariff-related April 2025 low of $75,000.

Traders may be reacting to reports that U.S. President Donald Trump will nominate former Federal Reserve Board member Kevin Warsh to replace current Fed Chair Jerome Powell. Trump said late Thursday he would name his nominee on Friday morning, a day after lambasting Powell and the Fed for not choosing to reduce rates.

Polymarket odds on Warsh being the nominee have soared to 87% versus just 37% two hours ago. Prior to the surge in odds for Warsh, BlackRock fixed-income chief Rick Rieder — thought by some to be a more dovish selection — was considered to maybe have the inside track to the nomination.

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Warsh was at the White House on Thursday, CNBC reported.

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Crypto World

Crypto.com Launches OG Prediction Market Platform

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Crypto.com Launches OG Prediction Market Platform

Crypto.com has spun out its prediction markets business, first launched in 2024, into a standalone platform called OG, competing with the likes of Polymarket and Kalshi. 

OG is powered by Crypto.com Derivatives North America (CDNA), a Commodity Futures Trading Commission-registered exchange and clearinghouse and affiliate of Crypto.com

OG said on Tuesday that it is only available in the United States for now.

Entering a ‘deca-billion dollar’ industry

Kris Marszalek, co-founder and CEO of Crypto.com, highlighted the firm’s growth in the prediction market space as the reason for launching a dedicated platform. 

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Crypto.com first announced the launch of a “sports event trading” product for US users in December 2024.

“We’ve experienced 40x weekly growth in our prediction market business over the last six months. This type of growth warrants a concerted effort with a standalone platform.”

Related: Polymarket strikes prediction market deal with major US soccer league

Nick Lundgren, chief legal officer of Crypto.com and new CEO of OG, described prediction markets as a “deca-billion dollar industry.” 

However, OG is entering a crowded space. Coinbase launched its own prediction market platform in the US in partnership with Kalshi in late January, while Hyperliquid proposed plans to expand into prediction markets on Monday. 

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Boom time for prediction markets

OG is debuting amid accelerating growth in prediction markets, with Wall Street exploring event contracts for new use cases beyond blockchain betting.

Prediction markets have seen 130-fold growth, from less than $100 million per month in early 2024 to over $13 billion by the end of 2025, according to International Banker. 

The combined volume for market leaders Polymarket and Kalshi was $37 billion in predictions placed in 2025, and the two platforms raised $3.6 billion in equity investment in 2025.

Meanwhile, prediction market firm revenues are expected to balloon from around $2 billion annually to over $10 billion by 2030, according to the Citizens Financial Group.

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Polymarket and Kalshi volumes, categories, and top markets. Source: DeFi Rate

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