Kalshi, the prediction marketplace has now started accepting Bitcoin.BTCIn an attempt to bring on more crypto-natives, the company is accepting.
Kalshi said to Cointelegraph that traders have been firmly behind the firm, which lets users wager on everything from elections results to Rotten Tomatoes ratings. A spokesperson told Cointelegraph that event contracts, which allow traders to bet on Bitcoin price fluctuations hour by hour, have generated $143 million of trading volume.
Kalshi, a derivatives trading exchange regulated under the US Commodity Futures Trading Commission is based in New York. On April 9, the exchange listed about 50 crypto-related events contracts. These include markets that allow traders to wager on coin’s highs or lows in 2025 as well as headlines like US president Donald Trump’s National Bitcoin Reserve.
Kalshi doubled its efforts to promote crypto-event contracts. Source: Kalshi
In October, the platform enabled crypto payment. stablecoin USD Coin (USDC) deposits.
Kalshi relies on ZeroHash — a crypto payments infrastructure provider — for off-ramping BTC and USDC and converting the deposits to US dollars. This exchange only accepts BTC from Bitcoin users.
The majority of Kalshi traders do not expect to see positive returns on core tokens this year. Source: Kalshi
Related: Kalshi traders place the odds of US recession in 2025 at over 61%
Polls are not as accurate
Kalshi will be launched in 2021. rose to prominence ahead of the US’s November elections.
Kalshi became a popular trading platform for political events of 2024 after it won a suit against the CFTC. The CFTC had attempted to prevent Kalshi’s listing contracts related to elections.
Industry analysts claim that these markets often reflect public sentiment, but the regulator claims they threaten election integrity. more accurately than polls.
Prediction markets such as Kalshi accurately predicted Trump’s victory in the presidential election, even though polls showed a close race.
“Event contract markets are a valuable public good for which there is no evidence of significant manipulation or widespread use for any nefarious purposes that the Commission alleges,” Harry Crane said this in a comment letter submitted to the CFTC by Rutgers University’s statistics professor.
Kalshi traders are now open for business as of April 9 peg the odds of the US entering a recession According to the website, this figure is 68%.
Kalshi and Robinhood teamed up in March to offer prediction markets on the online broker. Robinhood stock rose some 8% on the news.
Kalshi is in competition with Polymarket, an online prediction platform based on Web3. Polymarket processed more than $3 billion in trading volumes The US Presidential election is the reason for this, despite US traders being prohibited.
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Source: cointelegraph.com
