Bitcoin Mounts a Bit of a Comeback

Written by:
Aaron Goldstein
Published on:

Following two weeks of pure Hell in the world of Bitcoin, it was nice to see late Sunday's upward mobility.

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Since crashing below the $6000 mark two weeks ago, investors and those online gamblers caught transferring funds the past 14 days could only find comfort in the price stabilizing after each sudden drop.

By Sunday evening, the price had actually managed to rise around $700 from the previous early morning low of $3456, actually climbing back above the $4000 mark just prior to 5 pm EST.

Upwards of 70% of all online gambling transactions are now conducted through Bitcoin.  Gamblers, while now able to receive payouts in just a few hours, are left at the mercy of trading activity.  During times of extreme fluctuations, hours do matter.

"It's like having to pay a 6% to 7% fee," one online gambler relayed to Gambling911.com.

Bitcoin has mostly been stable throughout the summer months, hanging around the $6000 to $7000 mark.  Movements in price had little if any impact on the gambling public.

By 5:25 pm EST the price of Bitcoin was sitting right around the $4050 mark, still not quite Saturday's high but on the right trajectory.

Bitcoin is in high demand within the online gambling, marijuana and other so-called "grey market" industries that cannot attact traditional banking services.  As such, many experts see this current period as a "buyers" market, downplaying the doom and gloom from the naysayers. 

- Aaron Goldstein, Gambling911.com

Business/Financial News

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