As Bitcoin (BTC) 
$105,248 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.
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.
