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COINTURK NEWS > DeFi News > Investors Embrace the Thrill of Prediction Markets in Cryptocurrency
DeFi News

Investors Embrace the Thrill of Prediction Markets in Cryptocurrency

In Brief

  • Bitcoin surges to $59,300 as DYDX announces new services.

  • Prediction markets are gaining traction amid political events.

  • DYDX Token faces challenges after initial high performance.

Ömer Ergin
Ömer Ergin 8 months ago
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As Bitcoin (BTC) $102,468 achieved a peak of $59,300 just hours before a crucial interest rate decision, the DYDX team announced an exciting new service. The prediction markets, which are under scrutiny by the CFTC, are now expanding onto DeFi platforms, bringing significant risks and opportunities to investors.

Contents
dYdX NewsDYdX Price Forecast

dYdX News

dYdX Foundation CEO Charles d’Haussy highlighted the growing interest in prediction markets and announced the launch of futures trading services. With the November elections approaching, prediction markets that allow direct investment in outcomes are gaining traction despite the declining interest in PolitFi tokens, which are heavily influenced by overall market sentiment.

The decentralized cryptocurrency exchange dYdX aims to attract investors who are betting on one of two possible outcomes. This platform is poised to provide unique opportunities in the prediction market, especially in the context of DeFi.

“DYdX will launch perpetual futures in prediction markets. This offers a unique opportunity to regain attention for the DeFi space.”

Additionally, the foundation is considering alternatives for currency and index markets. Prediction markets, often illegal in many countries and facing lawsuits from the U.S. CFTC, allow participants to place bets on opposing outcomes in various events, ensuring that one side loses definitively.

DYdX Price Forecast

The number of altcoins, which inflate their prices due to limited supply and leave investors waiting, is steadily increasing. The DYDX Token stands out as a prime example, having performed a successful airdrop that rewarded early adopters with thousands of dollars. Despite a low initial listing supply, the token soared to $30 due to its popularity in DeFi.

However, with the release of significant lockups, supply has grown exponentially, and the price has remained under $1 for some time.

Since losing support at $1.827, the altcoin has made lower peaks, hitting a low of $0.810. While it has not yet initiated a convincing recovery, closing above $0.946 may signal the beginning of a turnaround, with subsequent targets at $1.22 and $1.47 likely to come into play.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 17 September, 2024 - 5:06 pm 17 September, 2024 - 5:06 pm
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