Bitcoin price has fallen lower than in years, yet crypto gambling is gaining popularity. What will happen to cryptocurrencies, and will this impact crypto betting sites?
The price of Bitcoin (BTC) drops below $19,000 - a staggering fall of over 70% after reaching a record high in November 2021. Meanwhile, crypto gambling shows a remarkable rise despite this cryptocurrency's meltdown to lows the market hadn't seen since December 2020.
What Lies Ahead for Crypto Coins?
Enthusiasts claim that cryptocurrencies effectively hedge against inflation, but investors are naturally sceptical. As a result, Ethereum and Dogecoin have seen even more significant losses signalling an overall trend in the crypto market.
Will the crypto market recover despite this brutal slide? Will cryptocurrency survive the enormous volatility?
Faced with aggressive inflation hikes and a worsening liquidity crunch, investors are selling cryptos. As a result, the crypto market has suffered huge losses and two coins so-called stablecoins, Terra and Luna, have collapsed.
With market losses of close to $500 billion, discouraged investors abandon the idea of crypto as an investment. So, let's face the fact: it's gambling, not investing.
Crypto Online Gambling Thrives
Ironically, the crypto gambling market is booming and seems undeterred by these shocking crypto market disturbances. Betting platforms are welcoming digital currencies, and dedicated crypto casinos are trending.
Award-winning operator BGaming recently included Crypto SNACK as a payment method. Snack is the world's fastest-growing iGaming token, the first crypto to specialise in online gambling, and a faster and more cost-effective means of transacting online.
Using a decentralised payment method in the gambling industry benefits both the operator and the player. For example, crypto betting offers improved security and faster transaction speed at a much lower price.
Crypto Gambling is still in its early days, and we can expect several improvements. Mobile integration is a priority and vital for the future of online gambling. Blockchain-based solutions will become more widespread and easier to implement.
It's Not a Crash - it's Natural Selection.
Ryan Shea, a crypto-economist at digital investment platform Trakx, said the recent stress in digital assets was the "crypto market equivalent of natural selection". However, he still believes that cryptocurrencies are valuable and safe so long they're stored properly.
"This process is without a doubt painful," he admits, "but ultimately, the lack of a centralised backstop is a good thing as it means moral hazard is avoided because there are no bailouts in crypto, unlike in the fiat system."
With countries in the process of implementing strict regulatory requirements on crypto, there may be a far less volatile future to look forward to.
Gambling with crypto or gambling in crypto, there may still be much to learn and certainly, money to be made.
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