Market
Polymarket Denies Bias on Election Betting Platform
Polymarket CEO Shayne Coplan has addressed recent allegations that the platform’s US election prediction markets are being manipulated.
This clarification followed a report from The New York Times, which highlighted how Polymarket’s odds currently favor Donald Trump — a stark contrast to traditional polling data.
Polymarket Emphasizes Peer-to-Peer Transparency Amid Political Betting Surge
In an October 25 statement, Coplan emphasized Polymarket’s neutral stance. He explained that claims of bias often reflect market reactions rather than any actual favoritism within the platform.
“We get told we’re Dem operatives and MAGA, depending on the day. Unfortunately the story is much less juicy, we’re just market nerds who think prediction markets provide the public with a much needed alternative data source,” Coplan stated.
Coplan reiterated that Polymarket was not created with political motives. He emphasized that the platform’s purpose is to help people understand real-world events through open markets. He added that its popularity stems from its accurate prediction that Biden would exit the race — a call that set Polymarket apart.
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He also countered claims about investor Peter Thiel’s influence over Polymarket. Coplan clarified that Founders Fund, a venture capital firm associated with Thiel, is only one of Polymarket’s more than 50 investors and holds a minority stake with no direct control.
“Founders Fund, one of the most active VC funds (Airbnb, Stripe, etc.), and one of our 50+ investors, has a minority stake in the company with no board seat/control – and the partner who did the Polymarket deal isn’t even Thiel. His politics have no bearing on how Polymarket works, operates, or what the prices are – end of story,” Coplan stated.
Coplan highlighted Polymarket’s peer-to-peer structure as an edge over its traditional rivals. According to him, the platform’s transparent approach allows users to audit data directly, contrasting this openness with traditional financial institutions.
“The beauty of Polymarket is it’s all peer-to-peer and transparent. Even more transparent than traditional finance, where all the data is obfuscated and only visible to the operator,” He added.
With increased attention on the upcoming US election, Polymarket has become a prominent platform for political betting. The platform’s 2024 election market volume has reached $2.4 billion, reflecting heightened user interest, and it has attracted integration from major platforms like Bloomberg.
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However, scrutiny has also intensified, especially as political betting has surged, with certain accounts placing substantial bets favoring Trump. According to BeInCrypto, Polymarket’s leaderboard shows that a user, “Fredi9999,” has bet over $18 million on Republican outcomes.
As of press time, Polymarket data showed Trump with a 63.7% probability of victory, while Kamala Harris held a 36.3% chance.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Aptos Partners with Circle and Stripe to Revitalize Network
The Aptos Foundation announced a new partnership with Circle and Stripe, hoping to revolutionize its network functionality. Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will attract TradFi by simplifying fiat interactions.
Aptos has set ambitious goals with this partnership, but APT’s upward momentum has stagnated.
Aptos Partners with Circle and Stripe
According to a new announcement from the Aptos (APT) Foundation, its network is integrating Circle’s USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). Additionally, Aptos is integrating the payment platform Stripe, generally streamlining fiat-related features. These include on- and off-ramps, payment processing, and TradFi ease of adoption.
“Once the integration is complete, users will be able to seamlessly transfer USDC between Aptos and 8 major blockchains. In addition to USDC and CCTP, Stripe will soon launch its payment services on Aptos, creating a reliable fiat on-ramp to streamline merchant pay-ins and payouts using Aptos-compatible wallets,” the firm claimed via press release.
In other words, Aptos aims to use this partnership to make itself “the ultimate hub for interoperable DeFi.” These companies will approach this goal from both ends: enticing new users and investors while substantially improving the core experience. This partnership marks a new development for Stripe’s integration with crypto.
Indeed, Stripe took a six-year hiatus from cryptocurrency payments, which only ended this April. Since then, however, it’s been engaging seriously with the industry. The firm entered an earlier partnership with Circle this June, hoping to promote USDC adoption. Additionally, Stripe acquired Bridge, a crypto payment platform, last month.
For its part, Aptos is undertaking a recovery process. Despite a major price spike in March, it suffered a lingering decline for most of 2024. The asset began regaining steam in October, and the November bull market has brought increased optimism. Still, its gains have stagnated for about a week.
This partnership between Aptos, Circle, and Stripe may help APT regain its forward momentum. These ambitious new features will greatly add functionality and accessibility to Aptos’ network. Still, the firm has set a very ambitious goal for itself: to solidify “its place as a leader in interoperable DeFi and enterprise-grade blockchain technology.” Only time can tell its success level.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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