Crypto Speculators Wager on SEC's Bitcoin ETF Decision at Polymarket
Summary:
Amid anticipation of the SEC's decision on Bitcoin ETF proposals, speculators are wagering on the outcome at the Polygon-based betting site, Polymarket. Approximately $1.5 million worth of bets have been placed, primarily supporting approval. The market will settle on "Yes" if any Bitcoin ETF is approved by January 15, 2024, otherwise, it will be "No." Participants' earnings or losses will be realized by the deadline. The wagering has received mixed reactions from the crypto community.
The cryptocurrency sphere is on pins and needles, anticipating the Securities and Exchange Commission’s (SEC) verdict on spot Bitcoin exchange-traded fund (ETF) proposals. In the midst of the uncertainty, some speculators are taking a risk, wagering on the outcome and if they'll receive approval by January 15.
Polymarket, a Polygon-based betting platform, is hosting these wagers, where players have the option to place a “Yes” or “No” stake on the approval of the Bitcoin ETF proposals. Currently, wagers worth approximately $1.5 million have been tabled, with a majority of participants opting for “Yes” votes.
Just like the volatile crypto market, the value of a share, reflecting the probability of a "Yes" or "No" outcome, is subject to change. Presently, a "Yes" share is priced at $0.79, while "No" is at $0.21. A top participant identified by the alias “kiwi” possesses approximately $421,000 of "Yes" shares. Conversely, the leading holder of "No" shares has invested around $15,000.
Per Polymarket's stipulations, the market will settle on “Yes” if any spot Bitcoin ETF receives the green light from the SEC before Jan.15, 2024, at 11:59:59 PM ET. If not, the market will settle on “No.” As a result, all bet holders will realize their earnings or losses by the given deadline.
The authoritative source for the settlement of the market will be data from the SEC, though details gathered from trusted reporting may also come into play, according to Polymarket.
The wagering has drawn mixed reactions, with some Redditors criticizing the practice and others throwing in their bit of humor. In a single thread on the Cryptocurrency subreddit, one user lambasted the gamble, equating it with “risking big to win small”. Meanwhile, other users made light-hearted comments about risking their children’s university reserves or jestingly regretting their potential follies to their “crypto grandchildren”.
In other news, the high prices for JPEGs have been deterring gamers, while Animoca plans for cryptocurrency game streaming are underway, as covered by Web3 Gamer magazine.
Published At
1/5/2024 11:15:34 AM
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