Latest news with #CFTC
Axios
3 minutes ago
- Business
- Axios
Polymarket to return to U.S. after acquisition
Polymarket is poised to legally return to the U.S. as prediction markets become an increasingly popular place for Americans to chase riches based on future outcomes. Why it matters: Polymarket has technically been blocked for Americans, but an unknown number of users have found ways to use the platform. Driving the news: The crypto-based events market announced Monday that it expects to provide trading access to Americans after acquiring derivatives exchange QCX for $112 million. QCX comes with a coveted license from the Commodity Futures Trading Commission (CFTC), allowing it to legally provide markets in the U.S. "The transaction marks a significant step toward expanding access to Polymarket's category-defining platform in the United States, enabling more users than ever to trade prediction market contracts with regulatory clarity and confidence," Polymarket said in a statement. The big picture: Polymarket's popularity surged in 2024 as a place for traders to bet on the U.S. presidential election and other campaigns, but it hasn't been allowed to operate here for several years. One of its biggest competitors, Kalshi, is CFTC regulated and is legal for American users, though it's facing a legal battle over its right to offer sports event contracts. Context: Polymarket received notice this month that the DOJ and CFTC "had both closed their investigations" into the company after "examining if Polymarket continued to allow US-based traders onto its platform despite a 2022 settlement with the CFTC in which it promised to block them because it wasn't registered," Bloomberg reported. What they're saying: "Now, with the acquisition of QCEX, we are laying the foundation to bring Polymarket home — re-entering the US as a fully regulated and compliant platform that will allow Americans to trade their opinions," Polymarket CEO Shayne Coplan said Monday in a statement.
Yahoo
32 minutes ago
- Business
- Yahoo
Crypto-Betting Site Polymarket Set For US Return After Deal to Buy Tiny Exchange
(Bloomberg) -- Polymarket, the crypto-betting platform that was kicked offshore by federal regulators, has struck a deal to return to the US market just weeks after prosecutors shut down a probe of the company. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The predictions marketplace is buying a little-known derivatives exchange called QCX, that will allow Polymarket to legally re-enter the US, according to people with knowledge of the matter. The move will formally open the betting site to US users after its surging popularity in 2024 when users placed millions of dollars of wagers on President Donald Trump returning to office. The New York-based site run by Shayne Coplan was formally notified earlier this month that the Justice Department and the Commodity Futures Trading Commission, which oversees prediction markets, had both closed their investigations into Polymarket. The probes were examining if Polymarket continued to allow US-based traders onto its platform despite a 2022 settlement with the CFTC in which it promised to block them because it wasn't registered. The about-face was the latest example of US authorities reversing course on Biden-era actions involving digital-asset firms as the Trump administration seeks to give the crypto industry a boost. Polymarket will pay $112 million to acquire QCX, one of the people said, asking not to be identified as the information isn't public. QCX applied for CFTC licensing in 2022 and only got the regulator's blessing to operate on July 9. A spokesperson for Polymarket confirmed the acquisition. A QCX representative declined to comment. The CFTC didn't immediately respond to a request for comment. Polymarket shot into public consciousness with the 2024 US presidential election. With signs plastered around the Republican National Convention and New York City, millions of Americans learned about the forecasting market where they could view —and potentially trade on — the odds of both presidential candidates. A Rebel Army Is Building a Rare-Earth Empire on China's Border Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Yahoo
3 hours ago
- Business
- Yahoo
Cotton Slipping Back on Monday Morning
Cotton price action is easing lower on Monday, with contracts down 10 to 20 points. Futures rounded out the week with losses of 10 to 13 points on Friday. December was still up 126 points on the week. Crude oil futures were back down 21 cents per barrel, with the US dollar index down $0.236 to $98.210. Weekly CFTC data showed a total of 7,626 contracts cut from the net short position among spec traders in cotton futures and options. The collective group was net short 38,464 contracts as of July 15. More News from Barchart What is Watson Watching in the Grains Sector this Week? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. The next week is looking at dryness for much of Texas, with some of the Southeast forecast to receive 1 to 2 inches, with amounts rising towards the Gulf. The Seam showed sales of 385 bales on Thursday, with an average price of 68.25 cents/lb. The Cotlook A Index was unch at 79.30 on July 17. ICE cotton stocks saw 1,144 decertifications on 7/17, with the certified stocks level at 23,481 bales. USDA's Adjusted World Price (AWP) was up a tick on Thursday at 54.72 cents/lb. Oct 25 Cotton closed at 67.12, down 13 points, currently unch Dec 25 Cotton closed at 68.68, down 12 points, currently down 10 points Mar 26 Cotton closed at 69.98, down 10 points, currently down 10 points On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Time of India
2 days ago
- Business
- Time of India
XRP to $22 in 2025? MVRV golden cross and U.S. crypto laws spark bold 630% rally hopes
What is the MVRV golden cross and why are analysts excited? 'There's no peer-reviewed research validating MVRV golden crosses as reliable predictors across all market conditions,' said a senior crypto strategist at a digital asset fund. Still, the indicator has sparked interest due to its past accuracy. Could XRP really hit $22 by the end of 2025? Live Events Scenario 2025 Target Price Conservative Bull Case $7 – $11 Extended Bull Case $16 – $18 Full Fractal Repeat Up to $22 How strong is XRP's current technical setup? Relative Strength Index (RSI) is in overbought territory, often a sign of strong bull trends. Average Directional Index (ADX) indicates trend strength is high. On-Balance Volume (OBV) shows growing buyer participation. Could XRP regulation clarity fuel long-term growth? GENIUS Act – A stablecoin regulation bill with backing from President Trump and financier Scott Bessent, ensuring dollar-backed reserves and issuer transparency. CLARITY Act – A bill aimed at defining the roles of the SEC and CFTC over digital assets, offering more certainty for coins like XRP. What are the XRP price predictions for 2025 and beyond? Conservative models predict XRP in the $6–$8 range, assuming moderate market growth. Optimistic scenarios, like the one outlined by Ali Martinez, point to $20+, especially if on-chain momentum, regulation, and sentiment align. Is XRP ready to become a major player again in crypto finance? FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel XRP price prediction is once again the buzz in the crypto space, with analysts pointing to a potentially massive breakout. As of July 18, 2025, XRP is trading around $3.50, having broken past its previous resistance levels for the first time since 2018. This new rally is driven by a powerful on-chain indicator: the MVRV golden cross. Highlighted by analyst Ali Martinez (@ali_charts), this rare event previously triggered a 630% surge in XRP's value. The big question now is—can it happen again?The MVRV golden cross is an on-chain signal where the Market Value to Realized Value (MVRV) ratio crosses above its 30-day moving average. Historically, this pattern has been followed by significant XRP rallies. According to Ali Martinez, the last time this occurred, XRP skyrocketed by 630%.If we apply that same percentage to today's price of $3.50, XRP could potentially reach a stunning $22. Though analysts urge caution—because past performance doesn't guarantee future results—many in the XRP community see this as a powerful bullish $22 price target is based on a fractal pattern repeating a previous parabolic move triggered by the MVRV golden cross. If that exact pattern repeats, XRP could surgein the next rally a breakdown of the latest predictions:Some Elliott Wave analysts even suggest XRP could reachby late 2025, especially if it forms a final "Wave 5" rally following a corrective a technical analysis standpoint, XRP has confirmed a W-pattern breakout, surging above the $3.40 neckline. This is considered a bullish structure by most chartists, signaling potential for further upside. The current price momentum targets near-term resistance at $3.85 and the psychological barrier of $ out, if momentum continues, analysts from BitcoinGalaxy suggest XRP could test the $8.50 level over the coming months, pointing to a long-term monthly triangle case of a pullback, XRP has nearby support zones at $3.30–$3.40 and deeper support around $2.90–$3.00, aligned with Fibonacci levels and EMA of the biggest shifts in 2025 for XRP crypto price prediction is the regulatory landscape. On July 18, the U.S. House of Representatives passed two major bills:For Ripple Labs, which issues XRP, this is a major win after years of legal uncertainty following the long-running Ripple vs SEC case. With that battle largely behind them, the new laws open the door for institutional investors, increased exchange listings, and wider forecasts for XRP in 2025 vary widely:At press time, XRP was trading around $3.498, up 11.24% in the last 24 hours, according to the XRP Liquid Index (XRPLX) from Brave New MVRV golden cross excitement, a confirmed technical breakout, and major regulatory progress, XRP is in a strong position. While some caution remains due to macro uncertainty and lingering lawsuit effects, the overall sentiment is growing on-chain data, chart structures, and legal clarity converge, many believe XRP may finally be stepping into its next chapter. Whether or not it hits $22, as history hints, will depend on how the market digests these signals in the weeks thing's clear—XRP is no longer being ignored. It's back in the spotlight, and traders across the globe are watching XRP MVRV golden cross is an on-chain signal that has previously led to big XRP price the 630% surge plays out again, XRP price could reach $22—but it depends on market and regulatory support.
Yahoo
2 days ago
- Business
- Yahoo
As DraftKings Weighs Entry into Prediction Markets, How Should You Play DKNG Stock?
DraftKings (DKNG) is reportedly in talks to acquire Railbird, a federally regulated prediction market platform. This development signals the sports betting giant's expansion into a rapidly growing industry. Prediction markets have been gaining traction following the recent election cycle. Railbird, founded in 2021 by former Point72 analysts Miles Saffran and Edward Tian, received CFTC approval as a designated contract market in June, making it one of the few regulated prediction markets in the United States. The platform allows users to trade contracts on real-world events, including economic indicators, policy decisions, weather patterns, and sports outcomes. More News from Barchart Is Palantir Stock a Buy Above $150? Coinbase Stock Just Hit a New 52-Week High. How Much Higher Can Crypto Week Take COIN? This Bullish Catalyst for Nvidia Stock Is Coming in September Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. The acquisition interest follows DraftKings' failed bid to secure its own federal prediction market license. Meanwhile, competitor FanDuel has reportedly explored partnerships with established player Kalshi. For DKNG stock investors, the potential acquisition could diversify DraftKings' revenue streams beyond traditional sports betting, tapping into growing interest in event-based trading. However, the regulatory complexity and competitive landscape pose challenges. The acquisition would align with DraftKings' strategy to expand its digital entertainment offerings and attract new user demographics, thereby boosting long-term growth prospects in an increasingly competitive sports betting market. Is DKNG Stock a Good Buy Right Now? In Q1 2025, DraftKings reported revenue of $1.41 billion, an increase of 20% year over year. It reported an adjusted EBITDA of $103 million while maintaining strong operational momentum across key metrics. The company's Sportsbook handle increased 16% year-over-year to $13.9 billion, meeting expectations despite challenging March Madness outcomes. Its structural hold percentage improved to 10.4%, up 60 basis points year-over-year, driven by increased parlay betting and enhanced product offerings from recent acquisitions, such as Simplebet. Management revised full-year 2025 guidance to $6.3 billion in revenue and $850 million in adjusted EBITDA, citing $170 million in revenue headwinds from unfavorable sports outcomes year-to-date. However, core business fundamentals remain strong, with live betting now accounting for more than 50% of the total handle for the first time. DKNG continues expanding its AI capabilities while maintaining disciplined capital allocation, repurchasing $140 million in shares during the quarter. With $1.1 billion in cash, the sports betting giant expects to report $750 million in free cash flow this year. Key growth drivers for DKNG stock include improving promotional efficiency, rising structural hold rates from increased parlay adoption, and expanding live betting capabilities. The integration of Jackpocket into the main platform, planned for the second half, is expected to provide additional user engagement opportunities, supporting diversification beyond traditional sports betting. Is DKNG Stock Undervalued Right Now? Analysts expect DraftKings' revenue to increase from $6.3 billion in 2024 to $11.3 billion in 2029. Comparatively, adjusted earnings are forecast to expand from $1.31 per share to $3.82 per share, while free cash flow is projected to improve from $712.5 million to $2.6 billion in this period. Wall Street expects DKNG stock to benefit from economies of scale, widening its free cash flow margin from 11.3% in 2024 to 23% in 2029. If DKNG stock is priced at 25x forward FCF, which is a reasonable valuation, it could potentially triple over the next four years. Out of the 30 analysts covering DKNG stock, 25 recommend 'Strong Buy,' three recommend 'Moderate Buy,' and two recommend 'Hold.' The average stock price target for DKNG is $54, 25% above its current trading price. On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
