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The US-based leading prediction market platform, Kalshi, today opened the door for its users to bet on various price movements of Bitcoin (BTC) and Ethereum‘s (ETH) by introducing five new prediction contracts. Kalshi’s move comes at a time when interest in cryptocurrencies is on the rise.
Now You Can Bet on Bitcoin and Ethereum Prices
Among the new prediction contracts offered by Kalshi are those that allow users to bet on Bitcoin‘s future price, with targets ranging from $75,000 to $150,000 or higher, as well as a contract for predicting Ethereum’s daily price.
While Kalshi’s new prediction contracts revolve around cryptocurrencies, the platform also offers contracts on a variety of other topics, including the likelihood of another Fed rate hike or a hurricane hitting New Orleans in 2024. The expansion of Kalshi’s prediction contracts reflects the growing interest in prediction markets and the desire among traders and investors for more diverse options.
The launch of these new prediction markets comes at a time when the cryptocurrency market has entered a period of exponential growth, especially in the US following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the second half of last year. The GMCI 30 index, which measures the performance of 30 representative cryptocurrencies, has risen by approximately 115% since the second half of 2023.
Bitcoin Price Correction
In a period of peak excitement and investor interest, BTC recently faced a price correction, dropping below $65,000 from its all-time high of $73,750 last week.
This correction has sparked discussions about the potential for a bubble in the current bull cycle of the crypto market, but the CEO of the cryptocurrency exchange Crypto.com, Kris Marszalek, saw the price correction as a “healthy move” that helped to clear some of the intense leverage that had built up in the system.
Despite the recent correction, the price of the largest cryptocurrency has since recovered and is trading above $68,000 at the time of writing. Support from platforms like Kalshi also increases market interest in cryptocurrencies.
