Cryptocurrency Traders Bet on Bitcoin’s ‘Santa Claus Rally’

“It was the night before Christmas, but it wasn’t visions of plum trees dancing across the heads of the crypto creatures.”

As price Bitcoin Hovering well below its all-time high of over $108,000, some bettors on cryptocurrency-based prediction market Polymarket are betting that the cryptocurrency price will see a “Santa Claus Rise” before the end of the year.

The so-called Santa Claus spike is an overall increase in stock prices from the last five trading days in December through the first two trading days in January. It’s a phenomenon that has happened in the world of cryptocurrencies before Select CoinGecko Santa Claus cryptocurrencies have risen in 8 of the last 10 years.

Bitcoin price bets on Polymarket suggest that some traders believe there is a rally coming, downstream Odds 77% BTC will reach $100,000 again before the end of the year. In a separate event that saw nearly $25 million worth of contracts change hands, punters bet that there was a 16% chance the price of Bitcoin would rise. Pass $110,000 Before the end of the year.

This will be a new record price, and a Christmas present for people hoping for a payday at the end of the year.