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Prediction markets are moving from the fringe into the mainstream. They have been satirized on  South Park , made founders wealthy through venture funding, and even triggered controversy after a Nobel Prize leak. The two leaders in the space are Kalshi, a regulated U.S. exchange that settles contracts in dollars, and Polymarket, a decentralized crypto-based platform built on Polygon. Together they saw record trading volume of $1.44 billion in September, with Kalshi pulling ahead at 60% share. As their visibility grows, the spotlight is turning to a key issue: are prediction markets legal, and where? To understand the legal debate, it’s worth first breaking down how prediction markets work. What are prediction markets? Simply put, a prediction market is a marketplace for bets on future events such as election outcomes, sports, weather patterns, or financial trends. People buy and sell contracts based on the outcome of real-world events. The prices shift dynamically ...

BlackRock CEO Larry Fink says Bitcoin could serve as a portfolio diversifier for investors who are comfortable taking on some risk. “For those looking to diversify this is not a bad asset,” he said about BTC during a recent interview with 60 Minutes. However, he said, “but I don’t believe that it should be a large component of your portfolio.”  There Is Now A Role For Bitcoin And Crypto, Says BlackRock’s CEO Fink’s latest remarks are a pivot from his earlier criticism of Bitcoin. The BlackRock CEO acknowledged that he has not always been a fan of Bitcoin and the broader crypto market. “I did say Bitcoin, because we were talking about Bitcoin then, was the domain of money launderers and thieves,” he said. “But you know, the markets teach you, you have to always relook at your assumptions,” he added. Now, Fink believes “there is a role for crypto in the same way there is a role for gold,” and added t...

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Billionaire investor Ray Dalio has once again weighed in on Bitcoin’s role in a portfolio, this time offering a rare, specific allocation for those looking to hedge against the declining value of fiat currencies. Speaking on the Master Investor podcast with Wilfred Frost, Dalio reiterated gold and Bitcoin can play a critical role in shielding wealth from the consequences of excessive money printing and loose monetary policy. He repeated his longstanding preference for gold but acknowledged Bitcoin as a viable diversifier. “I have gold, and I have some Bitcoin — but not much. I’m not going to describe my own portfolio, but I’ll say the following,” Dalio began. Dalio then laid out a framework for investors who want to optimize their portfolio against currency debasement:  “If you were neutral on anything, and you were optimizing your portfolio for the best return‑to‑risk ratio, you would have about 15% of your money in gold or Bitcoin. I’m strongly preferr...

Spot Bitcoin ETFs (exchange-traded funds) extended their positive inflows streak to 15 days yesterday as investors poured nearly $5 billion into the funds during this period. “15 straight days of inflows into spot btc ETFs…,” said ETF Store president Nate Geraci in an X post today. “ Approaching $5bil in new $$$. Not $5bil this year,” he added.” BlackRock Maintains Dominance, Is The Only Bitcoin ETF To Record Inflows Yesterday Data from Farside Investors shows the US Spot Bitcoin ETFs posted $102.1 million in net inflows yesterday. This comes just after the funds recorded over $500 million inflows on both June 25 and June 27. BlackRock’s IBIT, which leads the funds in terms of cumulative inflows since the products launched in January 2024, continued to display its dominance during yesterday’s trading session. On the day, the fund pulled in another $112.3 million. This has pushed IBIT’s total net inflows to $52.421 billion. I...

Canada’s first spot XRP exchange-traded fund (ETF), launched by Purpose Investments under the ticker XRPP.U, has had a tough start since debuting on the Toronto Stock Exchange (TSX) on June 18. This product is the world’s second spot XRP ETF, following Brazil’s Hashdex offering. Notably, the Purpose XRP ETF closed 1.63% lower at $9.68 on Friday, June 20, 2024, extending its post-launch decline as light trading kept it near its session low. Purpose XRP spot ETF chart. Source: TradingView Since its launch, the new fund, also available in CAD-hedged (XRPP) and CAD non-hedged (XRPP.B) versions, has mostly trended lower, reflecting XRP’s overall market performance.  This aligns with the performance of the Brazilian ETF, which has fallen about 7.50% since its debut, partly due to weaknesses in the underlying XRP token. Purpose’s new ETFs have a management fee of 0.69%, capped at 0.89%, with any savings passed on to investors. For...

The Indian rupee edged higher against the US dollar on Wednesday after foreign banks initiated mild sell-offs in the markets. The move has helped the rupee and other leading Asian currencies remain steady during the US and China trade talks. The rupee was hovering at 85.46 minutes after the opening bell with a surge of 0.2% from its previous close at 85.60. Reuters reported that foreign banks dumped US dollars as China agreed on a framework to ease trade tensions. At least two large foreign banks, most likely on behalf of institutional custodial clients were behind the sell-off. The development eventually “helped the rupee out,” said a trader at a state-run bank. Also Read: De-Dollarization: Wall Street Banks Forecast Further US Dollar Weakness This limited the US dollar’s growth at the DXY index and it failed to climb above the 100 mark. The DXY index remains in the green on Wednesday but is at 99.11 with an uptick of 0.01%. Previously, the greenback rallied during ne...

The head macro strategist at Swissblock is predicting major moves for one Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets. Henrik Zeberg tells his 155,900 followers on the social media platform X that Solana (SOL)-based memecoin dogwifhat (WIF) may be on the verge of an explosive breakout beyond the $3.10 level. “WIF: wait for the pop!” Source: Henrik Zeberg/X Looking at his chart, the analyst suggests WIF is printing a series of higher lows and higher highs on the four-hour timeframe. In June, the analyst used Elliott Wave Theory to forecast an explosive run for WIF at the way to the $55 mark. The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up. Source: Henrik Zeberg/X WIF is trading for $2.93 at time of writing, up nearly 10% in the last 24 hours. Zeberg is also warning of a potential blow-off top forming in financial markets. In technical Analys...