Cryptocurrency Update WK 47 – Will the market downturn affect cryptocurrency casino players?

A crypto report made by crypto fanatics who also live to play at cryptocurrency casinos – catch up with the latest market prices! (Photo by RODNAE Productions on pexels.com)

For cryptocurrency live casino players, the grind continues both on the tables and in the volatile crypto markets.

As we near the end of the year, the crypto world has once again suffered a major blow, and manu say it is because the industry is still the “Wild West” of financial assets.

The industry is not regulated and the primary “assets” of these digital exchanges are digital tokens that are purely speculative instruments.

The market capitalization of a company is basically what the market determines the coins to be worth. So, when a company like FTX goes bankrupt, the tokens that they sold are not backed up with collateral and are basically worthless and investors feel like they are left holding an empty bag.

Other issues are crypto intermediaries don’t report financial statements in generally accepted accounting methods). With the lack of standardized regulatory rules, these fiascos are surely to continue.

Having said that, investors will still be lured into this speculative market with the promise of overnight windfalls. The solution is more transparency with regulation that is traditional or cryptographic based. Despite all the growing pains of this industry, many punters will remain and stand by digital assets. Let’s take a look at a few of the top crypto currencies over the year to date and review

Will the market downturn affect crypto currency live casino players?

Well, it depends how you look it. If you are invested in crypto for the long term, then you are likely holding on for the days of 150,000 EUR touted by some crypto professionals. However, it could just as easily go the other way because no one can definitively predict what the overall cryptocurrency will do. On a positive SOFTSWISS reported Crypto Bets at 34.8% versus fiat currency bets across all its platforms. In the same report, which summarised leatest H1 2022 SOFTSWISS figures released in September this year, the white label aggregator B2B platform showed its H1 2021 results to 2021 and crypto bets only made up 29.7% of all bets versus fiat currency.

Disclaimer: We only provide you with fact and figures, but we do not provide advice on whether you should invest in the crypto market. From these figures, we leave the decision making on whether to hold onto your guns, invest or sell your crypto down to you.

Here’s the Latest Cryptocurrency Update WK 47 Figures Raw!

• Bitcoin (BTC) – At the start of 2022, BTC was $47,733 USD and is now a shocking $15,984 USD! It has lost 63% of its value since January 1^st!!! If we look back to June 13^th, that was BTC biggest single-day drop since March 2020, where it fell 16%. A majority of investors believe that because BTC is the flagship digital asset and as such, it follows the S&P 500, and if equities fall… so, does BTC. The correlation between BTC and the S&P charts are almost identical. The contagion of FTX saw that many funds/investors were overleveraged… plus the bearish stock market… will this continue to drive the price of BTC down? A crypto expert has stated that BTC needs to maintain $15,800 USD level, if it breaks through that floor it might spiral to $13,000 USD.
• Bitcoin Cash (BCH) – Since its inception (BTC spinoff) in 2017, the decentralized peer-to-peer electronic cash system has seen it’s share of pitfalls. BCH seems to be very bearish at the moment and is currently trading at $102.29 USD. If this coin breaks through the $100 USD floor, it could continue to $90 USD. BCH has lost 77% of its value since January and it doesn’t look poised to gain ground anytime soon.
• Litecoin (LTC) – Litecoin has also suffered from the huge selloffs and market instability. LTC has lost 60% of it’s value since the beginning of the year. Market makers seem to agree that LTC is bullish above $60 USD and could see a breakout at $64 USD. The demand of LTC still remains the 2^nd most popular cryptocurrency, accounting for 25% of all crypto transactions, with BTC accounting for 46% of transactions. This coin has maintained its demand and with a current price of $60.70 USD it fairing very well against other crypto currencies.
• TRON (TRX) – TRX has done very well in maintaining its price when compared to other cryptocurrencies. It has only lost 35% of its value since last January and but is currently trading at a new low at $0.05 USD and could see a breakdown if the price goes through $0.049 USD. Traders are bearish on this stock at the moment and are seeing daily trading volumes of 10% of their usual volumes.
• Ripple (XRP) – Many market experts have pointed out that XRP has formed a classic analysis pattern, the bullish triangle but the FTX fallout may hamper and short-term gains. The company is also under regulatory pressure from the SEC, who is flexing its regulatory muscles with enforcement over rule making and this could be impeding any gains that they might expect. With a current price $0.35 USD, this coin is poised to hit new lows in the near future.
• Ethereum (ETH) – Ethereum was trading sideways for a few days but has pushed down today, losing almost 9% but has bounced back with a current price of $1.122.45 USD. The drop has been attributed to a FTX hacker that swapped 50,000 ETH to BTC using RenBridge, which is a blockchain bridging technology that was funded my Alameda. ETH will need to break through $123.45 USD to achieve bigger gains but currently is under a bearish threat.
• Dogecon (DOGE) – After a stable week of trading, DOGE took a turn for the worst today and dropped 16% on November 20^th dropping briefly to $2.69 USD but have bounced back today to $2.77 USD. These marginal gains may be short lived as it seems to be on a downward trend and could see new lows that haven’t been seen since June. Many investors see DOGE see their technology as part of the crypto future going forward and that the current price is an attractive one.
• Tether (USDT) – Tether remains to be quite stable over the last year. It has hovered around $1 USD with a couple of flash crashes but has always recovered almost instantly, gaining back any losses. With a current price $0.9989 and trading volumes dropping, it appears that investors have lost interest in buying/selling the world’s largest stablecoin. Some critics in the market have an alternative view and pointed out that Tether has never had a collapse in their market cap. As investors put their money into USDT it could have a knock on effect and Tether and BTC could see a run.

Where to play live casino table using crypto: Some of the top two cryptocurrency live dealer platform right now are Pragmatic Play Live, Ezugi,  and Evolution, and they are easy to find. Just check out the lists on the live casino bonus portal and choose a Curacao licenced casino and you’ll find live dealer games available for crypto bets.