..

Bitcoin Plunges Below 10K: Here's Why

Written by:
Aaron Goldstein
Published on:
Aug/15/2019

Bitcoin, and nearly all cryptocurrencies for that matter, have seen their prices drop over the past 48 hours.


*Live streaming of games on-site
*Only an email need to open your anonymous betting account
*Cryptocurrency-friendly with huge bonuses offered
*Payouts often in minutes
*$10 free cash signup bonus with a 1X rollover (bet) requirement
*20% cash signup bonus with just a 5X rollover (bet) requirement

*In business since 1996
PLACE YOUR BETS HERE

The price of Bitcoin has mostly been hovering between the $10000 and $12000 mark since June with occasional bouts of volatility, which does worry online gamblers attempting to transfer funds out of their wallets and into their bank accounts during these unstable periods.  While the transfter time typically takes between an hour and two hours, exchanges can experience delays during dropoff periods.  Bitcoin accounts for upwards of 70% of all funds transfers at sportsbooks in restricted market.

"Once again Bitcoin is searching for support and having trouble finding it," Mati Greenspan, senior market analyst at brokerage eToro, wrote in a note to clients earlier today.

While Bitcoin is off some 6% over the last day, Bitcoin Cash, a varient of the original bitcoin, has led the market lower, losing more than 10%.  Bitcoin Cash has now become more widely accepted among the online gambling community over the past year.

Ethereum, Ripple's XRP, and litecoin, which between them make up the top five cryptocurrencies by market capitalization, were each down around 10% as well.

With many sportsbooks paying out via Bitcoin in just a few hours, it is probably wise to hold off requesting payouts at least for another day, or until things settle down a bit.

Forbes reported on the potential reasons for Bitcoin's slump over these past few days.

Some bitcoin and crypto analysts have speculated the fall in bitcoin prices is a response to a recovery in China's yuan, while others have looked to trouble in global equity markets brought on by the escalating U.S. China trade war.

Meanwhile, recent economic data out of China and Germany pointing to a faltering global economy and the U.K.'s looming exit from the European Union are all adding to uncertainty.

"[Bitcoin and cryptocurrency] volumes are back to normal today throughout the market but the price seems to be gradually falling," Greenspan added. "Many analysts have been doing their best to tie in the latest moves in the crypto market to the uncertainty in geopolitics but it's difficult to say exactly how much connection there really is."

There was some good news Thursday morning as the price of Bitcoin had bounced back to the $10,000 mark after dropping all the way down to $9400 overnight.

This is no time to panic, CoinTelegraph suggests:

For the time being, as Cointelegraph reported, analysts remain confident. Adding to those voices Thursday was veteran trader Peter Brandt, who noted that compared to its bullish period from 2015-2017, Bitcoin’s performance this year was superior.

During that period, BTC/USD often U-turned to test its moving average — one of the longer-term trend lines showing price trajectory.

“The current trend has yet to do so,” Brandt summarized on social media.

Other bullish tones came from Morgan Creek Digital co-founder, Anthony Pompliano, who added that even if it faced 50% price losses, Bitcoin would still have outperformed the S&P 500 in 2019.

- Aaron Goldstein, Gambling911.com

Gambling News

FanDuel Sportsbook News - Where Can I Bet on FanDuel?

FanDuel Sportsbook News - Where Can I Bet on FanDuel?

Here you will find all the most recent news pertaining to FanDuel Sportsbook.  The company initially began as an operator of daily fantasy sports and has since been acquired by Paddy Power to offer sports betting, both retail and mobile, in certain US states.  These currently include New Jersey and Pennsylvania. 

A Sportsbook in Cleveland?

A Sportsbook in Cleveland?

A new agreement will see JACK introducing the on-property sportsbook of Kambi at their Cleveland Casino venue as well as the Thistledown Racino assuming legislation ever passes to make sports betting legal in the state of Ohio.  With the deal, Kambi already has its foot in the door.

Start a Bookie Business Online With Under 50 Players

Start a Bookie Business Online With Under 50 Players

Pay Per Head companies the likes of RealBookies offer the opportunity to start your own bookie business with fewer than 50 players.  In theory, you can actually take advantage of their unique revenue-generating service with just a single player.  The more players you have, the more money you'll be making.

Start a Bookie Business With Just 10 Players or Fewer

With sports betting legalized by the US Supreme Court in 2018 you may be wondering if it is possible to start your own bookmaking business, and what if you have fewer than 10 players?  The answer is a resounding YES.

Find Sports Betting Near Birmingham AL

Those in and around the Birmingham, Alabama area can access online sportsbooks these days anonymously by merely providing a valid email address (full name and text for higher signup bonuses).  Retail sportsbooks are not available anywhere near Birmingham.

Syndicate