Bitcoin plunges back towards bear market lows

Bitcoin fell as low as $67,600 early this morning, down more than 3.5% over the past 24 hours and 16% over the past month, slipping below its 200-week moving average of ~$68,000. BTC is being hit as investors rethink their AI and tech bets, with hotter inflation and the prospect of more Fed rate increases adding to the strain.

The company posted a sharp decline in Q3 earnings from a year earlier amid an ongoing downturn in crypto prices, though results improved compared with the Q2. Still, funded accounts rose 37% YoY to 7.1 million, and adjusted EBITDA rose 163%. To diversify revenue outside of crypto, Payward plans to continue its lead in tokenized stocks, launch onchain perpetual futures, expand into prediction markets, and launch its own token. While Payward isn’t yet public, the company has been reporting a limited range of performance numbers for a few quarters. Read more →

Kalshi is in talks to raise fresh funds at a $65 billion valuation to build a ​new platform for trading compute futures. This comes only days after announcing the finalization of its previous round where it raised $1 billion at a $40 billion valuation. These sort of numbers really go to show exactly why every crypto company is pushing hard into prediction markets. For context, a $65 billion valuation makes Kalshi worth as much as Robinhood and more than double Coinbase. Read more →

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