BTC Bitcoin Cryptocurrency Betting
Bitcoin is the cryptocurrency that started it all. There are dozens of other cryptocurrencies you can use to deposit at BookMaker and hundreds more on the periphery, but Bitcoin is the most well-known of the bunch, and the only one your aunt Ethel and uncle Fred know. The coin that dominates the crypto space surged past $60,000 in March 2021 and might be poised for an even bigger run ahead of the holidays.
Monday, September 16, 2024, News Update
Bitcoin (BTC) was trading below $58,000 at the start of the trading week, down 3%. Most of the weekend saw BTC above $60,000 after strong U.S. data drove a surge late on Friday. Exchange-traded funds (ETFs) that track bitcoin had net inflows of approximately $263 million, the most since July 22. Meanwhile, ether ETFs saw inflows of $1.5 million on August 28. But as Asian exchanges opened for business on Monday, cryptocurrency prices fell sharply ahead of a pivotal week in which traders everywhere hope to witness the Federal Reserve's first rate cut in more than four years.
With only a 2% likelihood of no change, polymarket bettors are giving a 51% chance of a 50 basis point cut and a 48% chance of a 25 basis point cut. Historically, a shift toward lower borrowing costs has boosted traders' optimism since easy access to capital promotes expansion in riskier industries.
According to CoinGecko data, Ether (ETH) topped losses among cryptocurrencies, falling 5.5% to record its largest one-day decline since early August. Cardano saw a 5% decline, Solana saw a 4% loss. Nervos' CKB was among the few positive performers, up 10.5% over the previous day on sustained optimism following the token's listing on Upbit, a Korean exchange where traders have a strong appetite for memecoins. According to CoinGlass statistics, futures traders who were speculating on rising prices lost more than $143 million during the abrupt decline.
In other news, the frequently monitored BTC/ETH ratio—which indicates how the two biggest coins are moving relative to one another—dropped to four-year lows. Since Solana appears to be the preferred location for memecoin launches and new chains like Base and Telegram-affiliated (TON) are gaining traction, Ethereum as a protocol has faced significant competition in the past year, which has probably affected demand for ETH. As Sony's Soneium is developed further, it might pose a threat. Sony and Circle declared that USDC will be available on the network. The notice did not specify the exact amount that will be distributed.
The first US rate reduction in almost four years signals more relaxed financial regulations, which is usually good news for risky assets like cryptocurrency. However, investors are unsure of the size of the expected shift on Wednesday and how the markets would respond to revised Fed officials' estimates. The most significant weekly rise since July occurred when Bitcoin saw a 10% increase in the seven days leading up to Sunday. It is possible that this increase was caused by bets being revived on a 50 basis point Fed rate cut.
The US presidential contest's turbulence has been eclipsed, at least temporarily, by the monetary policy outlook, which is now undoubtedly the primary short-term driver of the Bitcoin market. In the most recent election drama, there was another assassination attempt, but former President Donald Trump escaped unscathed. Trump has embraced the digital asset sector, while current Vice President Kamala Harris has shown no support for Bitcoin.
This week's other noteworthy events are the Friday meeting of the Bank of Japan, which will be their first since rising borrowing costs, the Thursday initial unemployment claims data from the United States, and the Thursday rate decision from the Bank of England in the United Kingdom.
Bitcoin Weekly Price Per CoinMarketCap
| WEEK |
BITCOIN PRICE IN USD |
| September 16, 2024 |
57,679.12 |
| September 9, 2024 |
55,252.27 |
| September 2, 2024 |
58,140.08 |
| August 26, 2024 |
63,705.50 |
| August 19, 2024 |
58,225.29 |
| August 12, 2024 |
60,420.32 |
| August 5, 2024 |
52,628.05 |
| July 29, 2024 |
68,820.74 |
| July 22, 2024 |
66,921.14 |
| July 15, 2024 |
62,886.70 |
| July 8, 2024 |
56,855.49 |
| July 1, 2024 |
62,574.71 |
| June 24, 2024 |
61,589.72 |
| June 17, 2024 |
65,681.86 |
| June 10, 2024 |
69,346.83 |
| June 3, 2024 |
69,384.47 |
| May 27, 2024 |
68,929.23 |
| May 20, 2024 |
67,097.94 |
| May 13, 2024 |
62,811.16 |
| May 6, 2024 |
63,321.99 |
| April 29, 2024 |
63,513.72 |
| April 22, 2024 |
66,391.01 |
| April 15, 2024 |
64,465.15 |
| April 9, 2024 |
71,912.80 |
| April 2, 2024 |
68,641.42 |
| March 26, 2024 |
70,121.49 |
| March 19, 2024 |
67,287.32 |
| March 12, 2024 |
72,295.01 |
| March 5, 2024 |
66,548.57 |
| February 27, 2024 |
53,419.20 |
| February 20, 2024 |
52,057.41 |
| February 13, 2024 |
49,546.53 |
| February 6, 2024 |
42,541.37 |
| January 30, 2024 |
43,061.49 |
| January 23, 2024 |
40,406.51 |
| January 16, 2024 |
42,433.84 |
| January 9, 2024 |
45,009.74 |
| January 2, 2024 |
42,728.28 |
| December 26, 2023 |
43,396.24 |
| December 19, 2023 |
41,366.73 |
| December 12, 2023 |
41,752.77 |
| December 5, 2023 |
41,720.85 |
Monday, September 9, 2024, News Update
The 2024 U.S. Presidential election could definitely affect the price of Bitcoin. Many analysts believe that if former President Donald Trump is elected, the price of Bitcoin will surge, but they say if current Vice President Kamala Harris is elected, the price of Bitcoin will fall. According to analysts at the research and brokerage firm Bernstein, if Trump wins, Bitcoin could top all-time highs and hit the $80,000 to $90,000 range by the end of the year. If Harris wins, they are saying that Bitcoin will drop below $50,000 and could go down into the $30,000 to $40,000 range.
The analysts gave their explanation for the gap by stating that, despite efforts to engage with both political camps, the Trump side has shown the cryptocurrency sector "more warmth." Bernstein analysts Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients on Monday stating their opinion. “While crypto industry leaders have been more open-minded with the Harris campaign, and are hoping for a more constructive policy, we expect the delta between the two political outcomes to be wide.”
Recently, the crypto sector has had to deal with a strict regulatory environment due to rightfully taken action against scams such as FTX and Luna, according to Chhugani, Sapra, and Chindalia. They countered that subsequent measures against significant cryptocurrency companies like Coinbase and Uniswap have damaged confidence and drawn the sector into divisive discussions.
The researchers observed that there has also been a significant shift in the clarity and tone of crypto policy. Trump has made a point of calling the United States "the bitcoin and crypto capital of the world," bringing up the topic in a number of speeches and laying out plans to do so. These include designating a national strategic bitcoin reserve, making the country a "powerhouse" in bitcoin mining, and nominating an SEC head who is supportive of the industry. Harris, on the other hand, has never mentioned cryptocurrencies in any of her speeches or policy declarations.
According to researchers, the last three years have seen major difficulties for the cryptocurrency market as high interest rates have drained liquidity from decentralized finance platforms and regulatory barriers have stifled innovation. Bitcoin has proven resilient in spite of this, increasing 112% in the last year.
According to the experts, the removal of risk hurdles for financial institutions to participate in the digital asset market might facilitate innovation and assist digital assets compete with traditional assets for institutional flows.
On the decentralized predictions site Polymarket, the chances for the US presidential contest have recently reversed, with Trump leading Harris by five percentage points with a 52% chance of winning versus 47% for Harris. On the platform, Trump presently leads Harris in Arizona, Georgia, Nevada, and Pennsylvania, while Harris leads in Michigan and Wisconsin among the crucial swing states.
Data from national surveys is still inconsistent, though. The experts stated, “Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade,” the analysts said. It is worth noting that Bernstein has previously predicted that the price of bitcoin will reach $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033.
Monday, September 2, 2024, News Update
For the cryptocurrency market overall, and for Bitcoin specifically, September is regarded as one of the worst months. Bitcoin's profitability is -6.18% on average and -4.43% on a median basis. For cryptocurrencies, historical patterns are rarely trustworthy, but given that Bitcoin is a $1.2 trillion asset and has been trading on the exchange for more than 11 years, its price history may be trusted.
The analysts at Spot On Chain, however, don't just accept the strong likelihood of a bad September; instead, they provide five important explanations for why this time may be different for Bitcoin. Ironically, one of the primary points of contention is predicated on historical tendencies that might not always be true. Spot On Chain therefore notes that positive Septembers have followed approximately 43 percent of years that had bad Augusts. This implies that despite the general pessimism, the market might see a recovery.
The fact that major players have been selling less lately is another significant aspect. A significant amount of Bitcoin has already been sold, with the German government, Mt. Gox, and Genesis Trading collectively selling over 170,000 BTC in July and August.
The United States government still owns more than 203,000 Bitcoin, but it has been moving cautiously lately, choosing to sell most of it over-the-counter to lessen its impact on the market. The market may remain stable as a result of this release of selling pressure.
Moreover, long-term investors are still strong; in August, they increased their holdings by 262,000 BTC. Currently holding 75% of the whole supply, these holders are demonstrating their trust in the asset's future. Prominent anonymous wallets that possess substantial quantities of Bitcoin have also stayed dormant, so diminishing the probability of abrupt sell-offs.
The positive argument is strengthened by the potential for a fresh wave of investment in Bitcoin ETFs. Based on past trends of alternating positive and negative months, September might witness a positive inflow of $500 million to $1.5 billion following a minor decline in net flows in August.
The market may also be impacted by other factors. There may be increased demand for Bitcoin as a result of FTX returning $16 billion in cash and the Federal Reserve potentially lowering interest rates. Additionally, increasing legislative backing for pro-cryptocurrency policies in the United States may bolster investor confidence and give Bitcoin an additional lift in September.
Monday, August 26, 2024, News Update
Since Federal Reserve Chair Jerome Powell abruptly declared last week that the "time has come" for interest rate reductions, the price of bitcoin has gone higher. The price of bitcoin has risen substantially from lows of less than $50,000 earlier this month to over $64,000 as fears of a rapid resurgence of the U.S. dollar collapse have returned. Now, a highly regarded analyst has claimed that this week might be one of "the most important" in years for tech stocks and the closely linked bitcoin and crypto market, as Donald Trump's sons are developing a bold plan to "shake up" the banking and finance industry.
"We believe the most important week for the stock market this year and potentially in years for the Street will be next week as the godfather of AI [chief executive] Jensen [Huang] and Nvidia have earnings on deck," Wedbush Securities tech analyst Dan Ives said last week in a note to clients seen by Fortune. Ives expects Nvidia to make big news on Wednesday.
"The stage is set for tech stocks to move higher," Ives added. He said that "another masterpiece quarter" from Nvidia would be another big boost to Bitcoin. He is predicting that the current market resembles "a 1995 (almost 1996) start of the internet moment and not a 1999 tech bubble-like moment." He said that Nvidia's chips are the "new oil and gold in this world."
If Nvidia exceeds expectations, the price of bitcoin and the larger cryptocurrency market may rise, and if it falls, bitcoin may fall. Despite hitting an all-time high this month, gold is still much more strongly associated with the stock market, and notably technology stocks, than bitcoin, which is frequently referred to as "digital gold." A temporary correction in the stock market was predicted in June by a drop in the price of bitcoin that erased $500 billion from the whole cryptocurrency market in less than a month.
"Since July, we've seen the correlation between bitcoin and equities turn negative, suggesting that bitcoin might not follow traditional markets during downturns. If this trend holds, a recession could boost crypto prices as investors look for alternative stores of value," Andrea Barbon, a professor of finance at the University of St. Gallen and crypto expert, said in emailed comments. "That said, the bitcoin-equity relationship has been volatile, so any change in the broader economic landscape could quickly shake things up."
Federal Reserve chair Jerome Powell said last week that there is a good chance for an interest rate cut in September. He said that "the upside risks to inflation have diminished, and the downside risks to employment have increased." Barbon believes that the price of bitcoin is now linked closer to former U.S. President Donald Trump than to a tech stock like Nvidia. "While bitcoin has often been viewed as a hedge against economic turmoil, its future performance could hinge on the upcoming U.S. elections. So far, Donald Trump has been more supportive of crypto, and a return to the White House could bring regulatory shifts that favor digital assets," Barbon said.
There is no question that this week will once again be an interesting one for bitcoin and other cryptocurrencies, but then again, when is there any sort of lull when it comes to bitcoin news?
Monday, August 19, 2024, News Update
The Japanese yen (JPY) is strengthening vs. the US dollar (USD), outperforming other fiat currencies in a market reminiscent of early August, which saw significant declines in bitcoin (BTC) and worldwide stock markets. In an indication of renewed bias for the "anti-risk" currency, the yen has strengthened 2.4% to 145 per dollar since late Thursday, halting a weakening comeback from the low of 141.68 on August 5. The dollar is a measure of risk appetite, and the yen has gained more than 1% against it. In comparison to the British pound and the euro, it is exhibiting even more vigor.
The foreign exchange market activity is similar to the yen's outperformance at the end of July and the beginning of this month, which prompted the unwinding of carry trades, or bullish risk-on bets, funded by comparatively inexpensive loans denominated in yen as borrowing the Japanese currency became more costly. The subsequent reduction in risk exposure in conventional markets had an adverse effect on bitcoin and the cryptocurrency industry as a whole. In the eight days leading up to August 5, Bitcoin dropped from about $70,000 to $50,000 before rising to $60,000 in tandem with a gain in the USD/JPY.
However, other observers believe that the carry trade unwind may pick back up in the upcoming weeks, driven by the US economy and the Federal Open Market Committee's (FOMC) upcoming interest-rate decision meeting, which is set for mid-September.
In other news, in terms of the Bitcoin supply timetable, a significant milestone has been accomplished, as 94% of the total supply has now been issued through mining. More than 19.74 million of the hard-capped 21 million Bitcoin have been mined thus far.
The process of mining, in which computers verify transactions in exchange for Bitcoin, creates the cryptocurrency's supply. 50 BTC was the starting mining subsidy per block, which is halved every 210,000 blocks, or approximately every 4 years. The halving of Bitcoin is an occurrence that guarantees a steady, decreasing rate of inflation as the quantity increases. The subsidy has been halved three times, from fifty to twenty-five to twelve and a half to six and a half BTC currently.
Over time, fewer and fewer new bitcoins come into circulation as a result of the halvings as well as growing difficulty and competitiveness. Since the inception of Bitcoin in 2009, more than 94%, or 19,741,655 BTC, have been mined out of the maximum 21 million BTC.
Only about 1.26 million Bitcoin are left to be distributed. It will take more than a century to fully mint the entire supply at the current 6.25 BTC block reward. By 2140, 99.9% of all bitcoins are predicted to have been mined, with miners mostly receiving fees rather than subsidies, according to experts.
One of the main features of Bitcoin's value proposition is its restricted supply schedule. Bitcoin is intended to become scarcer over time as issuance slows and demand increases. This is a draw for investors who must contend with endless fiat money creation and currency depreciation.
Monday, August 12, 2024, News Update
The price of Bitcoin fell by more than 25% during the global market meltdown on August 5. Emerging clues, however, point to the possibility that the current downturn was a bear trap, and the price may resume its path to a new all-time high in 2024. More precisely, since July, the price of Bitcoin has produced lower lows. Conversely, higher lows have been produced by its weekly relative strength index (RSI). This divergence suggests that there may soon be an upside reversal and that the downward momentum is waning.
It is crucial to validate bullish divergences with additional technical indicators in order to prevent misleading signals. Apparently, last week, Bitcoin developed what looks to be a long-legged Doji candlestick. This pattern may indicate a possible reversal or at the very least a pause before the trend resumes when it emerges following a strong trend, either up or down.
The Doji candlestick shape suggests significant trader conviction in a possible price comeback, as does the increase in trading volumes close to the lower trendline of Bitcoin's bull flag pattern. This implies that by September, Bitcoin might rise above the top trendline of the flag, which is approximately $66,500.
Bull flags are usually bullish continuation patterns and therefore a rally could be initiated by a firm closure above the upper trendline of the flag. Then, before the flag established, the price might increase by a sum equal to the magnitude of the prior upswing. To put it another way, the combination of bullish divergence, Doji candlestick, and bull flag signals may enable the price of bitcoin to surpass $79,000, a new high, in the upcoming months.
Onchain data that tracks the wealthiest investors, or "whales," is supplementing the bullish reversal signs in Bitcoin. According to Glassnode, Bitcoin whales that own at least 1,000 BTC have taken the most Bitcoin out of exchanges since 2015—the biggest increase in almost ten years. Approximately 73,350 BTC have been removed from whale exchange holdings in the last 30 days.
Since companies prefer to hold their Bitcoin rather than sell it for cash or another cryptocurrency, the market views spikes in Bitcoin withdrawals from exchanges as positive signs. When Bitcoin was priced at roughly $220 in 2015, that is when the last time Bitcoin Whales removed this many coins from exchanges. This came before a tremendous bull run that saw the price of bitcoin reach $20,000 by December 2017.
According to CME data as of August 12, there was 100% confidence that the US Federal Reserve would lower its benchmark interest rate in September. A 25 basis point (bps) rate drop has a 51.5% chance of happening, up from 15% one week prior.
Understanding the Fed's interest rate stance this week is critical because on August 14th, the US producer and consumer price figures for July will be made public. There are dangers to the downside for Bitcoin and the larger cryptocurrency market if Fed Chair Jerome Powell is prevented from hiking rates in September by any sign of increasing inflation.
Bulls and bears are at a standstill in the cryptocurrency market as it begins its weekly session, suggesting that the inflation data for August 14 is questionable. Fed Governor Michelle Bowman's hawkish comments, indicating that she won't support a rate drop in the September meeting, further aggravate the impasse.
“The progress in lowering inflation during May and June is a welcome development, but inflation is still uncomfortably above the committee’s 2% goal,” she said in her address to the Kansas Bankers Association in Colorado Springs.
Monday, August 5, 2024, News Update
During Asian trading hours on Monday, Bitcoin (BTC) continued its downward trajectory, falling below $50,000 before rallying to roughly $52,000, which is still the lowest price since mid-February. This decline was caused by growing investor trepidation regarding the health of the global economy and mounting Middle East tensions.
The biggest cryptocurrency in the world declined for the fourth day in a row, reaching as low as $49,112, according to TradingView statistics. The original Ethereum network coin, ether (ETH), dropped to $2,060, the lowest level since January 3. The over 25% decline in ether's value is the largest one-day loss for the currency since May 2021. The news that Jump Trading, a producer of the cryptocurrency market, was selling off assets sparked a sell-off in ether. A wallet purportedly owned by Jump Trading was found by on-chain detective spotonchain to have transferred 17,576 ETH, or more than $46 million, to controlled exchanges, suggesting a potential liquidation. In the cryptocurrency futures market, the carnage resulted in liquidations of over $1 billion, with ether recording over $350 million in liquidated bets—a rare anomaly.
A broader decline in financial markets, coupled with investor anxiety over growing tensions in the Middle East and worries of a worldwide recession, set off the panic selling in bitcoin and the cryptocurrency market as a whole. The Stoxx Europe 600 Index dropped more than 3%, the Nikkei 225 Index in Japan plummeted 12.4%, and micro futures on the S&P 500 Index dropped 3.3%.
The cryptocurrency fear and greed sentiment index has flashed "fear" as a result, falling to its lowest point since early July. The indicator uses data from pricing, volatility, and social media to determine whether people are scared, which typically indicates local bottoms, or greedy, which indicates market tops. As if anticipating it, investors withdrew $237.5 million on Friday—the largest amount since May 1—from U.S. spot bitcoin exchange-traded funds (ETFs). Net outflows of $54.3 million were experienced by ether ETFs. According to CoinShares' weekly report, there were $528 million in outflows from digital asset investments last week, capping four weeks of net inflows for the overall crypto market. Ether lost $146 million and Bitcoin assets $400 million. CoinShares ascribed the withdrawals to worries about the geopolitical situation and a potential US recession.
The carnage was not limited to cryptocurrencies, as U.S. stocks plunged on Monday, falling dramatically. The U.S. stock market was hit hard and Japan’s Nikkei 225 was crushed, falling by more than 12%. Shares of tech titans Apple and Nvidia were pummeled on Monday. With so much uncertainty in the world right now the question is how much further will markets fall before rebounding?
History
In January 2009, Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto remains hotly debated to this day, but that person or group changed the world with this invention. Like many major breakthroughs, it took a while for people to grasp why Bitcoin was special. Bitcoin was created in the midst of the banking crisis, and one of its major goals was to give people another option to buy and sell products outside of a heavily regulated and centralized banking system.
The first entities to fully embrace Bitcoin were black market enterprises like Silk Road. For a while, Bitcoin became synonymous with the notorious website, but its use became more and more widespread starting in 2013.
That led to the price of Bitcoin skyrocketing and reaching incredible heights in 2017. On January 1, 2017 a single Bitcoin was worth $998, but that price rose by nearly 20-fold near the end of the year, hitting an all-time high of $19,666 on December 17, 2017. Bitcoin has left those prices in the dust in 2021, as the price of Bitcoin is approaching $50,000.
Stability
One of the major criticisms of Bitcoin is that the currency wildly fluctuates and that has proven to be true in 2021. As Bitcoin has become more accepted and understood, investors are getting a better understanding of what leads to price changes, and that has led to the Bitcoin market looking a lot like the stock market.
Security
There have been fears over how secure Bitcoin is over the years, but transactions are even more secure as they are in the traditional marketplace thanks to blockchain technology.
Whereas we are constantly hearing stories of companies having their databases hacked and identities being stolen, the nature of blockchain presents this from happening with Bitcoin.
For a transaction to occur, the sender must know their private key and digitally sign the transaction, and the signature must be verified by the network using the public key. The number of private keys makes it nearly impossible to hack into another person’s account, but there is one thing to keep in mind. You MUST keep your private key backed up somewhere or else you will lose access to your Bitcoin. Don’t make the mistake of not backing up your private key and risk losing your hard earned money.
How do I buy Bitcoin?
You can buy Bitcoin by using one of the major currency exchanges such as Coinbase or Gemini. These exchanges allow you to use a credit or debit card or bank transfer to buy Bitcoin. You can then send Bitcoin to your sportsbook account and you can withdraw Bitcoin from your sportsbook account to your digital wallet.
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