Polymarket is establishing an internal market-making team to potentially trade against users. The move follows regulatory challenges and a $1.4 million penalty paid in 2022. Competitor Kalshi already has a similar setup, drawing criticism and legal action. Both platforms seek external liquidity providers, including institutional market-makers like Susquehanna Group.

Prediction markets like Polymarket and Kalshi are on the rise, securing partnerships and high valuations. Users can bet on various events, from sports to weather forecasts. Coinbase CEO believes trading desks in prediction markets could enhance accuracy. BlackRock CEO, however, is less optimistic, focusing on long-term outcomes. Prediction markets saw a 565% increase in volume to $3.1 billion in Q3 2024.

Read more at Cointelegraph.com

Bitcoin hits new all-time high of $60,000, driven by increased institutional adoption and positive market sentiment. The cryptocurrency’s market cap surpasses $1 trillion for the first time. Analysts predict further upward momentum as more mainstream investors enter the market. Ethereum also experiences a surge, reaching $2,000 per coin.: Polymarket Building Internal Market-Making Team, Bloomberg Reports