Bloomberg will add Polymarket’s election odds to its Terminal service, according to an August 29 update from Michael McDonough, Bloomberg’s chief economist.
This move underscores the rising role of prediction markets and Web3 technologies in traditional finance.
Polymarket, built on the Polygon blockchain, allows bets on various events and has seen August trading volumes near $450 million. Bloomberg’s Terminal will now feature Polymarket’s odds for the US presidential election, alongside other data sources like PredictIt.
Currently, nearly $760 million has been bet on the November 4 election, with Polymarket showing Donald Trump slightly ahead of Kamala Harris.
The platform faces competition from Drift Protocol’s BET platform, which recently surpassed Polymarket in daily trading volume. In August, Polymarket users accurately predicted that Robert F. Kennedy Jr. would exit the presidential race before September 2024.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
The latest market turbulence, fueled by geopolitical tensions and investor fear, offered a textbook case of how sentiment swings and whale behavior shape crypto price action.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.