Since the beginning of the year, Polymarket’s open interest has increased astonishingly 1,429% from a meager $7 million to an unbelievable $107 million. This development path tells eloquently about the public’s readiness to invest their money where their forecasts point and about the platform’s rising appeal.

Comprising 77% of Polymarket’s weekly volume, the presidential election steals the show. This concentration implies that political junkies and crypto aficionados both are swarming to the platform to gamble on the outcome of one of the most anticipated political events of the year.

Predicting market based on Solana recently introducing its BET product, Drift created waves with a noteworthy one-day volume surge of $20 million. If BET wants to topple Polymarket, nevertheless, their average daily volume has lately dropped to less than $1 million, indicating that more has remained to be done.

All eyes will be on Polymarket and its rivals as we get nearer the November presidential contest. Open interest could keep rising, but a dark horse platform might show up to contest Polymarket’s supremacy. Concurrent with this, regulatory issues could sour the prediction market party.

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The post Polymarket Grows as U.S. Election Betting Heats Up appeared first on Coin Engineer.

On January 13, 2024, in line with the upcoming Taiwan presidential election, Taiwanese citizens were warned not to use cryptocurrency betting platforms to gamble on the election results. This warning was made amid an ongoing investigation where many people were already being summoned for questioning.

Within the community, a large number of people were summoned for investigation by prosecutors for participating in Polymarket bets.

However, it is known that participating in gambling activities related to the election in Taiwan is against the law. These transactions violate clause 88-1 of the Election and Recall Act.

The penalty for this violation is said to be; six months in prison, detention or 100,000 New Taiwan Dollar ($3,188).

Looking back, in 2022, Polymarket faced regulatory challenges in the United States. The New York-based CFTC initiated a legal action against the platform in January 2022. The CFTC claimed that the platform had been operating an “illegal, unregistered or unspecified facility” since June 2020.

However, significant transactions were observed on the Polymarket platform during the 2020 US elections. It was noted that a volume was formed that did not happen in normal times. Ultimately, over $10 million in new volume was created, breaking records.

The post Investigation Opened into Crypto Bets Made on Polymarket! appeared first on Coin Engineer.