BitMEX Introduces Prediction Betting on Crypto Outcomes
Crypto exchange BitMEX has launched a new feature called Prediction Market, which allows users to trade on various crypto-related outcomes. This comes at a time when FTX founder Sam Bankman-Fried is facing legal challenges and has been denied release from prison. BitMEX’s Prediction Market products include contracts related to the recovery of FTX customer claims, the SEC’s approval of a Bitcoin ETF, and the legal fate of Sam Bankman-Fried.
Trading on FTX Customer Claims Recovery
One of the contracts available on BitMEX’s Prediction Market is related to the recovery of FTX customers’ crypto asset claims. When FTX went under in November 2022, customer withdrawals were locked, leaving their assets in limbo. This contract expires on December 25, 2026.
Betting on SEC Approval of a Bitcoin ETF
The next contract offered by BitMEX is a bet on whether the SEC will approve or deny a Bitcoin ETF by October 17, 2023. The approval of regulated crypto ETFs has been a hot topic in the industry, as it could provide easier access for institutional investors to trade in crypto without actually holding it. Big players like BlackRock and Fidelity are actively seeking approval for their Bitcoin ETFs.
Legal Fate of FTX Founder Sam Bankman-Fried
The final contract on BitMEX’s Prediction Market focuses on the legal fate of FTX founder Sam Bankman-Fried. Users can place bets on whether he will be sentenced to jail before December 2026. Bankman-Fried is currently facing legal challenges and recently had his request for temporary release from prison denied.
Hot Take: BitMEX Brings Gambling Element to Crypto Trading
BitMEX’s new Prediction Market feature adds a gambling element to crypto trading by allowing users to bet on various outcomes. While this may be exciting for some, it also highlights the speculative nature of the crypto industry. The success or failure of these predictions can have significant financial implications for traders. It remains to be seen how popular this new feature will become and whether it will attract more users to BitMEX.
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