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March’s Crypto Market Crash and the Gambling Industry

Posted on March 6, 2024 by Laura P.

The crypto market saw a phenomenal rise last week, but already today, bears gained over and the charts turned red. After breaking the desired $69,000 barrier on March 6, 2024, Bitcoin saw a dramatic 8+% decline at the same time as this slump. Over the previous day, the total market value of the cryptocurrency industry fell notably.

What’s Happening?

In total, the market capitalization of all cryptocurrencies fell by 1.00%, reaching $2.47 trillion. Notwithstanding this decline in market worth, the overall volume of the cryptocurrency market increased dramatically, rising 26.72% to $250.19 billion in the last 24 hours. With $17.11 billion, decentralized finance (DeFi) was a major player in this volume, while stablecoins remained a major player with $225.84 billion, demonstrating their dominance in the present market reality.

The latest fall has not dampened investors’ overbearing greed. Someone with this outlook may be hopeful about a future recovery or see the present market situation as a chance to purchase assets at a bargain.

The Implications for Crypto Gamers

It goes without saying that this will impact the booming crypto-gaming industry. Crypto holders may reevaluate their gaming choices during market downturns, looking for venues that provide stability and security. Players who are in search of safe gaming environments would likely be drawn to cryptocurrency casinos with transparent operations and solid risk management systems.

To compensate for the decline in activity, crypto casinos may take advantage of the market by offering attractive bonuses and promotions. Promos like special tournaments, cashback incentives, or reduced deposit bonuses may help bring in players even when the market is tough.

Changes in the value of cryptocurrencies may also impact how players choose to fund their accounts. There may be less activity on crypto gambling platforms as a whole if players become wary of spending their digital currency due to the volatility in pricing. Alternatively, while some may be hesitant to deposit cash out of concern for further market drops, others may be in a hurry to withdraw to limit their losses.

Not All Doom and Gloom

Though short-term swings influence player actions, crypto casinos’ capacity to adjust to shifting market conditions and government regulations will determine their fate in the long run. Ultimately, when it comes to the ever-changing world of cryptocurrency gaming, casinos that exemplify resiliency, creativity, and compliance with laws are in a better position to prosper.

Bitcoin Three Months from Having Its Supply Halved

Posted on February 2, 2020February 1, 2020 by Laura P.

In a little less than 100 days, Bitcoin’s long-awaited halving will finally happen, making the digital twice as scarce as it is now. The halving which is considered to be one of the most anticipated events in the world of crypto is expected to happen on May 12. In addition to being a lot scarcer, the digital currency is set to be even more valuable. Mining it will be much more expensive once that happens simply because the rewards have now been cut in half.

What This Means for The Future

The topic of the upcoming halving has been subject to a lot of debate over the past several months. One of the most debated issues is whether the expected price increase will occur before or after the halving. None of the speculations made in this regard are verifiable and this majorly because despite the complexity of the data presented, they are dependent on simplistic comparisons from previous events in the bitcoin space.

Even so, we do not intend to invalidate the significance of the occurrences related to past halvings and how they may give us some insight into the possibilities. It will be an interesting year for bitcoin enthusiasts. That is for sure.

Another thing that is also assured is some serious volatility. The halving is quite important but we have to agree that what comes after is probably what needs more focus. We will just have to wait and see if the digital currency can pick up a fresh round of momentum in the course of the year.

Ambitious Long-Term Projections

According to renowned Wealth Manager Andy Edstrom, the Bitcoin economy is going to reach $8 Trillion in market value within the next decade. Speaking during a recent interview on the Citizen Bitcoin podcast, the wealth manager references a multi-faceted approach that took a number of factors into accounts. These factors included the devaluation of traditional or fiat currencies, speculations, and geopolitics, all of which have affected the global financial systems in one way or the other.

“…I think the total valuation on 10 years that I use is about $8 trillion and that comes from various buckets, whether it’s taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we haven’t thought of or are still under construction,” he said.

As it stands, Bitcoin’s market value sits at about $170 billion – this is rather small especially when compared to other stores of value such as gold and real estate. However, the uptrend of the cryptocurrency has given a number of pro-crypto analysts some optimism about the future of the sector. Bitcoin’s value is expected to skyrocket after the halving and this is perhaps the first step towards its $8 trillion valuation.

Bitcoin’s Price Dwindles as Its Dominance Increases

Posted on November 28, 2018November 27, 2018 by Martin S.

Bitcoin has been on a steep downward trend for the past few weeks. In general, the market has not been very stable with a number of people hoping that it the market will stabilize very soon and bitcoin can regain even a little of the value that it lost in the past month. Both bitcoin and Ethereum, the two most popular cryptocurrencies have had their prices drop by over 40 percent particular because of the rapidly increasing sell pressure and the declining buy pressure. As a result, the crypto market has been struggling to sustain some sort of momentum in a bid to reverse the downward trend but, of course, it might be a while before this happens.

To put this into perspective, when the price of an asset falls significantly without any significant spike in volume, it is representative of a free fall albeit without much sell pressure. This implies that as big sell volumes continue to hit the market, the price of the said asset will be at the mercy of additional sell-offs in the future.

This Is Not the End

Even though bitcoin has undoubtedly had quite a month, it did not take nearly as much a hit as many other digital currencies. In fact, in November, bitcoin’s share of the total cryptocurrency capitalization or rather its dominance saw a notable increase. Over the course of the month, bitcoin’s dominance has spiked from lows of 51 percent in early November to the prevailing 53 percent, something that goes further to prove the digital currency’s appeal to both miners and investors.

Despite the fact that there have been lots of talk about the demise of bitcoin, especially over past two weeks, it is worth noting that the cryptocurrency’s price is still more than what it was last year in the summer. Furthermore, bitcoin has been building quite a loyal customer base over the past decade and there is still a growing appetite for crypto all over the world.

Institutional Investors Are Still Hopeful

It is not only individuals within the crypto community that are still confident about bitcoin. The traditional financial services industry and a number of institutional investors including New York exchange operator, Nasdaq, are still pursuing ventures involving the digital currency. According to Bloomberg, the company on November 27 announced that it is moving forward with its plan to list bitcoin features, a market that it hopes to officially launch in with the first quarter of 2019.

Sources close to the matter have also revealed that the New York exchange has been working closely with the Commodities and Futures Trading Commission (CFTC) to receive regulatory approval for its plans to operate as a compliant bitcoin futures market service provider. There is a huge window for success but knowing how shaky the crypto market can get, it remains to be seen just how far these projects will go.

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