Coinbase CEO Brian Armstrong surprised Kalshi and Polymarket users by mentioning popular crypto buzzwords in the closing moments of the earnings call, resulting in a win for bettors. Markets saw $80,242 and $3,912 in bets, with no one losing more than $12 on Polymarket.
Armstrong’s last-minute decision pleased punters, with many expressing gratitude in the comments section for listing the desired crypto buzzwords. Users on Polymarket and Kalshi thanked Armstrong for the unexpected gift, showing overall positive reactions to the surprise mention.
While prediction markets like Kalshi and Polymarket are useful for measuring expectations, there is a concern that insiders could exploit their knowledge for personal gain. Similar incidents have led to suspicions of insider trading and market manipulation in the past.
Despite the unusual ending to the earnings call, Coinbase reported a profitable Q3 with $432.6 million in net income and $1.9 billion in revenue, a 55% increase from the previous year. The company also increased its Bitcoin holdings by 2,772 BTC, reclaiming a spot in the top 10 largest corporate Bitcoin holders.
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Bitcoin reaches a new all-time high of $64,863, surpassing its previous peak in April. The cryptocurrency’s market cap now exceeds $1.2 trillion, with a trading volume of $68 billion in the past 24 hours. Experts predict further growth as institutional interest in Bitcoin continues to rise.
Ethereum also surges to a record high of $2,487, with a market cap of over $287 billion. The second-largest cryptocurrency has seen a 31% increase in price over the past week, fueled by the launch of the Ethereum 2.0 upgrade and growing demand for decentralized finance applications.
Dogecoin experiences a 400% price surge, reaching a new all-time high of $0.45. The meme-inspired cryptocurrency has gained popularity among retail investors and celebrities like Elon Musk. Dogecoin’s market cap now exceeds $54 billion, making it the fifth-largest cryptocurrency by market capitalization.: Coinbase’s Armstrong Shakes Up Predictions Markets in Q3 Call