Chancer presale has surpassed $2.1 million, adding over $400k in less than a week. Meanwhile, the crypto market remains ranged after reaction to Fed rate hike decision.

While crypto largely mirrored stocks amid a broader market retreat following the Federal Reserve’s latest policy decision, a notable feat looked bang on cards for Chancer (CHANCER). Days after releasing the first update for the highly anticipated project, Chancer’s presale has stormed past $2.1 million raised.

Amid growing interest in crypto and projections for the global sports betting industry, is Chancer the platform for the long-term crypto bet?

Bitcoin slipped below $27k again on Thursday, trading towards lows of $26,770 at the time of writing as cryptocurrencies shed nearly 1% of the total market cap to about $1.09 trillion. Bitcoin initially fell 1.3% to trade at $26,749, while Ethereum shed 1% to touch lows of $1,600.

US stocks closed lower on Wednesday after the Fed hinted at a higher for longer path in its interest rates decision. The sentiment across the market was largely downbeat as investors also awaited the Bank of England’s policy decision.

In a comment on the stock market reaction, Mohamed A. El-Erian, President, Queen’s College, Cambridge and advisor at Allianz, said:

“The FederalReserve didn’t hike its interest rates but the markets raised theirs in reaction to what they heard at the Fed press conference: Yields on US government bonds surged across the board this afternoon, with the 2-year at its highest level since 2006 and the 30-year since 2011.”

Despite the declines, investors are confident the next bull cycle is shaping up. Some analysts say investors might see altcoins as a good play ahead of this. Also observed is a keen interest in new projects deemed to have the strongest product offering – the crypto sports betting and gamefi space being one of the hottest today.

Chancer is a blockchain-based project looking to offer the world’s first decentralised social betting platform. Unlike traditional betting platforms, Chancer will allow users to create their own bets or participate in a peer-to-peer (P2P) marketplace. Basically, it’s a new prediction markets platform that removes the centralization of legacy bookmakers – nothing like “house” on Chancer.

The platform is powered by CHANCER, a utility token that will offer access to passive income opportunities like staking.

On September 12, Chancer announced an update to its product development, with reference to the roadmap and whitepaper highlighting progress towards key milestones.

As Paul Kelbie, Chancer’s head of product, noted in a statement, there’s a lot of progress in terms of building out the betting mechanics, leaderboards and social sharing. According to him, most of the “foundational work” has been done and Chancer is poised for the second phase of its product development ahead of the beta launch.

The update has the community buzzing and that has reflected in the CHANCER presale – investors have purchased over $400k worth of the native token in just over a week. From $1.7 million raised on September 12, the presale page shows over $2.1 million. This moves Chancer closer to the targeted $3 million raise, funds that will help bring the blockchain-based betting platform to the market.

Interested crypto enthusiasts and sports betting aficionados can find out how to buy Chancer here.

The post CHANCER eyes new milestone days after first product update appeared first on CoinJournal.

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