Users May Now Forecast the Future of the Former CEO of FTX and the Bitcoin ETF on a New BitMEX Market

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Last Updated on September 13, 2023 by Bitfinsider

Cryptocurrency Behemoth BitMEX has launched Prediction Markets, which is a brand-new service that BitMex has added to its lineup of offerings. With this service, traders may forecast the outcomes of real-world events, from cryptocurrency to traditional finance, and profit from their forecasts.

BitMEX declared that on September 13, trading for its new cryptocurrency futures product began on the platform. Trades may already access three of the first prediction contracts, which centre on topics that are currently generating news in the cryptocurrency space.

Predicting the recovery rate of FTX’s customer claims will be possible for users under the initial contract, which runs out in December 2026. In November 2021, FTX, which is presently facing bankruptcy procedures, failed, leaving customer assets trapped on the site. The troubled business is requesting permission to sell $3.4 billion worth of cryptocurrency assets in order to pay off creditors.

In the second contract, traders will wager on whether the Securities and Exchange Commission (SEC) will approve or reject a spot Bitcoin ETF. Even though the Commission has approved Bitcoin ETFs based on futures, it has not yet approved a product that is based on spots.

A number of institutions, including WisdomTree, Invesco, BlackRock, and Franklin Templeton, have pending filings with the SEC. The agreement will end on October 17, 2023. Meanwhile, investors who thought the SEC may soon approve an application for a spot Bitcoin ETF found some solace in Grayscale’s recent victory over the agency.

With a contract expiring on December 25, 2026, users can guess whether former FTX CEO Sam Bankman-Fried would receive a prison sentence in the third contract. Despite several criminal allegations, Bankman-Fried continues to enter a not-guilty plea. Before SBF’s trial, which is set for October 3, 2023, Judge Lewis Kaplan repeatedly denied his requests for a temporary release.

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