Bitcoin $60,000 put leads the pack as mood swings bearish for August

Your day-ahead look for July 31, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Your day-ahead look for July 31, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.
Prediction markets reached a record $20 billion in total trading volume during the World Cup, marking a major milestone for the sector. Bettors placed wagers on a wide range of outcomes, from tournament winners to personal moments involving individual players. One notable market asked whether Cristiano Ronaldo would cry upon Portugal's elimination — a bet that ultimately paid out. The scale of activity signals growing mainstream participation in crypto-based prediction platforms.

The US Treasury Department has sanctioned Hormuz Safe, a maritime insurance platform allegedly linked to Iran's Islamic Revolutionary Guard Corps (IRGC). The platform is accused of operating as a sanctions evasion scheme for ships navigating the Strait of Hormuz. Hormuz Safe reportedly accepted Bitcoin and other cryptocurrencies as payment, enabling it to sidestep traditional financial oversight. The sanctions reflect growing US concern over the use of digital assets to circumvent restrictions targeting Iranian-backed entities.

Bitcoin and Ether declined as July came to a close, bucking a broader positive trend in global equity markets. Asian stocks and U.S. index futures both moved higher during the same period. Despite the late dip in leading cryptocurrencies, the wider crypto market remained on course for a strong monthly performance. The CoinDesk 20 index was tracking toward its largest monthly gain since July 2025.

New York state has filed a lawsuit against prediction market platform Kalshi, alleging it operates an illegal gambling business. Authorities argue that Kalshi's platform constitutes gambling in its plain form, conducted without the required state licensing. The lawsuit seeks to prevent the company from continuing its operations within New York. In addition to halting the business, the state is also pursuing financial penalties or redress against the firm.

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