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BitMEX Unveils Live Prediction Market Platform

Sep 13, 2023 at 02:48 pm

BitMEX, the cryptocurrency derivatives exchange, has recently introduced a prediction market feature, enabling traders to speculate on real-world events. While prediction markets have a longstanding history, they've experienced a resurgence in popularity, largely attributed to platforms like Polymarket.

Polymarket, despite being slapped with a $1.4 million fine in January 2022 for unregistered swaps, offers a wide array of contracts ranging from the substantial, such as predicting the winner of the inaugural Republican primary debate, to the eccentric, like speculating on former President Obama’s personal life, the likelihood of Russia deploying a nuclear weapon by the end of 2023, or even the existence of extraterrestrial beings.

BitMEX's foray into prediction markets with their latest derivative product leans towards more serious offerings. The initial set of contracts covers the percentage recovery rate of FTX's bankruptcy claims, the probability of approval for a Bitcoin Exchange Traded Fund by October 17, and the likelihood of Sam Bankman-Fried facing legal repercussions.

Stephan Lutz, the CEO of BitMEX, expressed, "We want our traders to navigate the currents of our ever-changing world, hence the introduction of Prediction Markets at BitMEX. This product injects excitement into crypto derivatives trading, empowering traders to diversify their portfolios and generate returns by forecasting real-world developments."

Lutz also noted that additional contracts will be introduced in the near future. He added, "In a bear market with reduced volatility, prediction markets serve as an excellent tool to elevate your trading strategies."

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