Bitcoin Surges Past 80,000 USD as U.S. Rate Hike Fears Subside, Gaining Over 5%

Bitcoin has reclaimed the 80,000 USD threshold. This resurgence is largely attributed to a renewed appetite for risk assets, as concerns over potential U.S. interest rate increases have eased.

As of 9:30 a.m. (Korean time) on Friday, Bitcoin was trading at 111.09 million KRW (about 82,000 USD) on the South Korean cryptocurrency exchange Bithumb, marking a 0.57% increase from the same time the previous day.

Concurrently, global cryptocurrency tracker CoinMarketCap reported Bitcoin reaching 81,250 USD, representing a robust 5.52% climb from the day before.

The softening stance on further U.S. rate hikes has bolstered Bitcoin investor sentiment. Federal Reserve Board member Christopher Waller indicated his willingness to support maintaining the current benchmark interest rate if inflationary pressures continue to show signs of abating.

In the wake of Waller's remarks, market expectations for a September rate hike have diminished. U.S. Treasury yields and the dollar's value have retreated, while major indices on Wall Street have rallied, signaling an overall improvement in risk appetite.

However, the sustainability of this upward momentum may hinge on today's U.S. employment report. A stronger-than-anticipated job market could reignite rate hike concerns, making the upcoming labor data a focal point for market participants.

Coinbase Advances Plans for U.S. Single-Stock Perpetual Futures, Initiates SEC Approval Process

Coinbase is pushing forward with plans to introduce perpetual futures contracts on individual stocks for U.S. retail investors. The company has begun the regulatory approval process, aiming to launch the product by year-end.

On Thursday, international media reported that Coinbase had submitted documentation to the U.S. Securities and Exchange Commission (SEC) for single-stock perpetual futures. The firm is also set to engage with the Commodity Futures Trading Commission (CFTC) on related procedures. Approval would allow Coinbase to extend this offering, currently available overseas, to U.S. retail investors.

As the line between cryptocurrency exchanges and traditional financial markets continues to blur, competition in derivative products is intensifying. Prediction market platform Kalshi is expanding into Bitcoin perpetual futures and traditional asset-linked products, while CME Group has entered the single-stock futures arena. Industry experts anticipate that the coordination between the SEC and CFTC on perpetual futures regulations will be crucial in shaping the market's future expansion.

Polymarket Debuts Oil and Stock Perpetual Futures, Marking Its Entry into Derivatives

Prediction market platform Polymarket has launched perpetual futures contracts based on oil, cryptocurrencies, and stocks.

According to international reports on Thursday, Polymarket has introduced perpetual futures products tracking Brent crude, West Texas Intermediate (WTI), cryptocurrencies, stocks, gold, and silver. These instruments offer 24/7 trading without expiration dates and support leverage up to 20x.

Polymarket had previously announced its intention to launch perpetual futures in April, signaling its foray into the derivatives market. This new offering is available to users outside the U.S. and is poised to compete with global cryptocurrency derivatives platforms such as Hyperliquid and Binance.

Michigan Court Halts Kalshi Operations, Prediction Market Regulation May Head to Supreme Court

A Michigan court has issued a preliminary injunction barring the prediction market platform Kalshi from operating within the state. Violations could result in daily fines of up to 500,000 USD.

On Thursday, foreign media reported that the 30th Circuit Court of Ingham County, Michigan, approved a preliminary injunction prohibiting Kalshi from offering event contract products to Michigan residents. The state argues that Kalshi is essentially running a gambling operation without proper state approval, while Kalshi contends that event contracts fall under CFTC regulation and are exempt from additional state oversight.

The jurisdictional dispute over prediction market regulation could escalate to the U.S. Supreme Court. On the same day, New Jersey petitioned the Supreme Court for permission to appeal a Kalshi-related case. If the high court agrees to hear the case, it will likely center on whether the CFTC has exclusive regulatory authority over event contracts or if states can apply their gambling and gaming laws to regulate these products.

Bitcoin Surges Past 80,000 USD as U.S. Rate Hike Fears Subside, Gaining Over 5%Bitcoin has …

Bitcoin Surges Back to 80,000 USD: What Investors Need to Know