Coindesk

Bitcoin's (BTC) price rally may have stalled lately, but bullish conviction certainly hasn't, as whales continue to bet millions on an extended market rally.Recently, one such whale executed a significant bullish options play targeting $200,000 by the year's end. The strategy involved the simultaneous purchase of 3,500 contracts of the Deribit-listed $140,000 December call option and the short sale (or writing) of 3,500 contracts of the $200,000 December call option.This complex trade, a bull call spread, resulted in an initial net debit of $23.7 million. As Deribit Insights noted, "The Dec 140-200k Call spread dominates, buying low Dec 140k IV, funded by higher IV 200k Calls."The strategy will achieve maximum profit if BTC settles at or above the higher strike...

Elon Musk’s artificial intelligence startup xAI is partnering with regulated prediction market Kalshi to bring its chatbot Grok into the world of real-money event forecasting, the companies said Thursday.The collaboration will allow Grok to analyze news, historical data and economic indicators in real time to support users trading on Kalshi’s federally regulated platform. Kalshi traders can place bets on specific outcomes of events like Federal Reserve interest rate decisions, Senate control, or monthly inflation figures — making Grok’s ability to summarize information quickly a potential edge.“Kalshi and xAI are partnering to bring Grok to prediction markets. Two of the fastest growing companies in America are now on the same team,” xAI said in a post on X.The deal brings together...

Polkadot's DOT staged a strong recovery after slumping as much as 7%, bouncing from $3.91 to $4.08 amid high trading volumes, according to CoinDesk Research's technical analysis model.The model showed that DOT navigated substantial price swings during the 24-hour period from July 23 19:00 to July 24 18:00, oscillating between $3.91 and $4.20 before settling at $4.08.Earlier this week, the Securities and Exchange Commission (SEC) withdrew its accelerated approval for a Bitwise crypto exchange-traded fund (ETF) that plans to include DOT among its top holdings by market cap.The bounce in Polkadot came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 1.4%.In recent trading, DOT was 2% lower over 24 hours, trading...

The creator of the Bored Ape Yacht Club non-fungible tokens (NFTs) needs to better prove that a "satirical" version of these tokens was meant to mislead would-be buyers, a U.S. appeals court said Wednesday, overturning a lower court ruling and sending the case back to that lower court for a new trial. The U.S. Court of Appeals for the Ninth Circuit ruled that a District Court finding that Ryder Ripps' NFT collection harmed Yuga Labs' trademarked NFTs needs to be reconsidered, though without weighing in on whether there was indeed trademark infringement — only that Yuga needed to do a better job of demonstrating that under the law at a new trial, a court document said.Ryder Ripps and Jeremy Cahen,...

Internet Computer (ICP) experienced a sharp reversal after climbing to $5.76, with the token falling to $5.59 under renewed bearish pressure. The move capped a volatile 24-hour window in which prices swung between $5.28 and $5.76 - a range of 8.3%, according to CoinDesk's techincal analysis data model. Bulls briefly pushed prices to the upper end of the corridor before bears reasserted control, sending prices lower on rising volume.Heavy selling emerged after the price touched $5.76, with a 42-minute slide to $5.66 forming a notable rejection. Volume surged earlier in the day, with a key upward move from $5.28 to $5.72 driven by 897,725 tokens traded - well above the daily average. Despite the rally, momentum faded quickly once resistance...