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Crypto World

Kalshi Eyes Crypto Perpetuals Launch, Positioning for Showdown With Coinbase (COIN)

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Takeaways

  • Kalshi is preparing to introduce perpetual futures contracts for cryptocurrency trading in the U.S. market
  • The initial rollout will feature perpetuals linked to digital assets including Bitcoin
  • The platform operates under CFTC regulatory oversight and secured recent authorization for margin trading capabilities
  • This expansion creates intensified rivalry with established players like Coinbase, Crypto.com, and Gemini
  • Competing prediction platform Polymarket has similarly disclosed intentions to enter the perpetual futures arena

Kalshi, primarily recognized for its prediction market operations, is gearing up to introduce perpetual futures trading for cryptocurrencies within U.S. borders. According to a report from The Information, sources with knowledge of the initiative have confirmed the development.

https://twitter.com/CoinMarketCap/status/2046633854945902850?s=20

The platform intends to begin its offering with perpetual futures contracts connected to major cryptocurrencies such as Bitcoin. These derivative instruments enable market participants to take positions on price movements without directly purchasing the underlying digital assets, and they feature no set expiration timeline.

Differing from conventional futures contracts, perpetual futures can remain open indefinitely provided the trader maintains adequate collateral backing. The mechanism keeps contract prices aligned with spot market values through periodic transfers between long and short position holders, commonly referred to as funding rate mechanisms.

Perpetual futures contracts have dominated trading activity on international crypto platforms for numerous years. BitMEX pioneered the widespread adoption of this contract structure within cryptocurrency markets. Currently, U.S.-based trading venues are working aggressively to establish domestic alternatives.

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[[LINK_START_0]]Kalshi[[LINK_END_0]] operates under Commodity Futures Trading Commission supervision. The company maintains several CFTC licenses and just obtained clearance to provide margin trading services, establishing the regulatory foundation necessary for lawful derivatives operations.

CFTC Chair Michael Selig has indicated these financial products may soon become accessible to U.S. traders, as regulatory bodies work to redirect transaction volume from unregulated international platforms.

Intensifying Rivalry in Derivatives Markets

This strategic pivot places Kalshi in heightened competition with Coinbase. Coinbase has been broadening its derivatives portfolio and has unveiled products resembling perpetuals through extended-expiration futures contracts available to international clients. The exchange has yet to launch authentic perpetual contracts for U.S. customers.

Kraken has similarly deployed tokenized equity perpetual futures for its international user base. Meanwhile, Crypto.com and Gemini have rolled out prediction market offerings, demonstrating the growing convergence between these two financial sectors.

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Earlier this week, Polymarket, another prediction market operator and Kalshi’s direct competitor, announced via X that it intends to launch perpetual futures products. Additional specifics were not disclosed.

Daily trading volumes for perpetual futures across cryptocurrency markets currently sit at approximately half their historical peaks but still reached close to $20 billion on Tuesday, based on DeFiLlama analytics.

The Convergence of Prediction Markets and Cryptocurrency Trading

Cryptocurrency trading activity has contracted in recent months amid broader market weakness. Simultaneously, prediction market engagement has experienced substantial growth, attracting both participants and investment funding.

This dynamic has prompted crypto exchanges to explore prediction market features while prediction platforms venture into crypto derivatives territory. Both sectors are now pursuing the same trader demographics.

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Kalshi’s strategic expansion may ultimately reach beyond cryptocurrency assets. According to a source briefed on the plans, the company could eventually adapt the perpetual futures framework to additional asset categories.

The organization has not issued formal confirmation regarding launch schedules or specified which digital tokens beyond Bitcoin will receive initial support.

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Crypto World

PEPE surges 4% as market sentiment improves, eyes Key resistance breakout

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A bullish PEPE chart
A bullish PEPE chart

Key takeaways

  • Pepe extends gains on Wednesday, stretching its rally from the 50-day EMA.
  • Derivatives data show heightened retail activity as risk-on sentiment returns to the market.

Pepe (PEPE) is experiencing a steady rally on Wednesday, trading in the green for the third consecutive day. The frog-themed meme coin is gaining traction as broader market sentiment improves, lifting retail demand for meme coins.

Market sentiment boosts meme coin demand

The broader market’s upside, despite ongoing geopolitical tensions surrounding the US-Iran blockade of the Strait of Hormuz and faltering peace talks, is boosting retail interest in meme coins. 

According to CoinMarketCap, the Fear and Greed Index is at 62 on Wednesday, showing a consistent rise in risk appetite since the US-Iran ceasefire announcement.

On the derivatives side, the PEPE futures Open Interest (OI) stands at $213.25 million, with a 7% increase in the last 24 hours. 

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This surge in futures positions indicates growing participation from traders, aligning with the recovery in the spot price—further supporting a bullish outlook for PEPE.

Pepe tests breakout of key resistance level

The PEPE/USD 4-hour chart is bullish and efficient as Pepe’s short-term recovery remains intact, with a three-day rebound from the 50-day Exponential Moving Average (EMA) at $0.00000368.

However, PEPE is still trading below the 100-day and 200-day EMAs, which could cap the ongoing rally.

The Relative Strength Index (RSI) at 60 is edging higher from the midline, indicating mild positive momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) remains above its signal line, keeping the histogram bars positive.

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At press time, PEPE is trading at $0.00000393. If the rally should continue, PEPE must break above its descending trendline near $0.00000400, close to the 100-day EMA at $0.00000404. 

PEPE/USD 4H Chart

A breakout above this level could pave the way for a rally toward the 200-day EMA around the $0.00000500 psychological resistance. 

On the downside, the 50-day EMA at $0.00000368 provides immediate dynamic support, with further downside protection at the February 6 low of $0.00000311.

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Bitcoin Bollinger Bands Setting Up BTC Price for ‘Powerful Move’

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Bitcoin Bollinger Bands Setting Up BTC Price for ‘Powerful Move’

Bitcoin (BTC) could see further upside volatility as several technical indicators suggested the BTC price was due for a “powerful“ upward move.

Key takeaways:

  • Bitcoin’s Bollinger Bands indicator now sees the potential for a massive price breakout.

  • BTC price needs to overcome resistance at $80,000 for more upside. 

Bollinger Bands suggest Bitcoin’s “bull run is next”

Bitcoin’s Bollinger Bands have reached their tightest point ever on the monthly time frame, signaling that volatility should be expected soon.

Related: Bitcoin ‘Bull Score’ hits six-month high as 2022 bear-market fears linger

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Bollinger Bands (BB) is a technical indicator used by traders to assess momentum and volatility within a certain range.

The “tightest Bitcoin monthly Bollinger band squeeze, ever,” said analyst Cantonese Cat in an X post on Wednesday.

“​​This will lead to a very powerful move when it expands,” the analyst added.

The BTC/USD pair gained about 230% between December 2023 and August 2025 to its current all-time high of $126,000, after breaking above the upper boundary of the Bollinger Bands.

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Similar occurrences in 2020 and 2016 triggered the previous bull runs that saw BTC price rally more than 520% and 4,400%, respectively.

BTC/USD monthly chart. Source: Cointelegraph/TradingView

Meanwhile, Coinvo Trading shared a chart showing that Bitcoin’s monthly RSI has dropped to its lowest level since late 2022.

This coincided with the BTC/USD drop to a multi-year support trend line, an occurrence that has previously marked Bitcoin’s macro bottoms.

The last time this happened was at the bottom of the 2022 bear market, preceding a 350% BTC price rally to its previous all-time high of $73,800, reached in March 2024.

“The same exact trendline, the same oversold RSI, the same outcome,” Coinvo Trading said, adding:

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“Bull run is next in line.”

BTC/USD monthly chart. Source: Coinvo Trading

As Cointelegraph reported, several Bitcoin metrics, including a bullish MACD crossover on the weekly chart, suggest that a BTC price breakout is about to begin. 

Bitcoin must reclaim $80,000 next

Bitcoin’s 6% rally over the last three days saw the BTC/USD pair fill the $74,000-$77,000 CME gap created over the weekend.

Traders are now looking at the next CME gap above $80,000, formed in early February.

BTC/USD four-hour chart. Source: X/Nic

MC Capital founder Michael van de Poppe said resistance at $79,000 could temporarily “stall” Bitcoin’s upward momentum

“Likely we’ll test it first, come back down for a little, find extra stamina, and then we’ll push through to $86K.”

BTC/USD daily chart. Source: X/Michael van de Poppe

Meanwhile, Bitcoin’s whale order book showed “heavy sell pressure” between $78,000-$80,000, reinforcing the significance of this resistance level.

Bitcoin whale order book. Source: CoinGlass

As Cointelegraph reported, a close above the $76,000-$78,000 resistance zone would confirm that the buyers are in control, clearing the path for a potential rally to $84,000.