This week on Bankless, the hosts analyze Bitcoin's breakout above key resistance, signaling a potential end to the bear market, and discuss Robinhood's expansion into prediction markets and perpetuals. They also cover a $400 million Bitget hack with North Korean ties, and debate the future of prediction markets heading to the Supreme Court, alongside broader crypto use cases and Ethereum's roadmap.
Summarized by Podsumo
Bitcoin's weekly and monthly candles closed above the May high, breaking bearish market structure and signaling a possible 'early bull' phase, with the 50-week MA at $76.8K and current price around $84.5K.
Robinhood launched prediction markets for corporate earnings and perpetual futures (BTC, ETH, SOL, XRP, Doge, Cardano, LINK, HYPE) for US users, routing orders through Bitstamp, while also integrating Lighter for crypto-native traders.
Bitget suffered a $400 million hack, likely by North Korea's Lazarus Group, raising concerns about centralized exchange security and the ethical use of 'permissionless' technology, with Near Intents facing criticism for reversing transactions.
The Supreme Court case on prediction markets could redefine their legal status, impacting platforms like Polymarket and Calci, as Coinbase and Robinhood compete for dominance in the 'everything finance' app space.
Ethereum's roadmap faces challenges in scalability and use cases, with the hosts debating whether current L2 solutions are too focused on speculation and whether AI agents will accelerate crypto adoption.
"We are in the early bull and we got the confirmation this week because we got a second weekly close... above the 50-week moving average, which is 76.8K, and we got a close above that 84.5K."
"Robinhood... launched prediction markets and perpetuals for US users, routing orders through Bitstamp, while also integrating Lighter for crypto-native traders—a sign of the 'everything finance' super app trend."
"The Supreme Court case on prediction markets could define their legal future, and it's the most important regulatory battle for crypto derivatives right now."