Whilst punters are able to enjoy the crypto options at Cloudbet for all of their wagering needs with their favorite digital tokens, there might be some that will be unwilling to bet with Bitcoin amid another price crash!
According to a news report by The Independent, the highly volatile form of cryptocurrency has shown just how volatile it can be as it has crashed once again and it has been suggested that it could have been caused by “extreme market conditions” that have since presented themselves.
The report goes on to state that Bitcoin has crashed by more than 10% since the beginning of the week, with its monetary value has hit a new low for the first time since the end of 2020 as it fell to below $25,000 for the first time since December of that year.
However, it is not the only crash that has been experienced in regard to price recently, as BTC has also suffered over the last seven months. In fact, it has been revealed that it has dropped by more than 60% in value over that particular timeframe.
Bitcoin is not the only crypto to suffer
It has to note that Bitcoin was not the only cryptocurrency to have experienced a huge loss in value, as the entire cryptocurrency market has experienced a significant loss in value.
The same report stated that more than $400 billion (£329 billion) had been lost over the last week across a variety of different crypto tokens. As a result, the market’s value has dipped below $1 trillion; a figure that Elon Musk is reportedly set to be worth as an individual.
Ethereum, Cardano, Solana, and Dogecoin were all impacted by the crash and had actually suffered bigger losses than the popular Bitcoin, with each of them having fallen between 15% and 25% over the course of a 24-hour period.
In fact, there seems to be a general concern regarding the entire industry, as not a single CoinMarketCap’s 100 top-ranked cryptos managed to achieve a gain over the course of a single day’s trading; practically unheard of, and something that would make investors potentially rather worried.
Will cryptocurrency recover?
Whilst the entire crypto market appears to be based on speculation and confidence, there will be questions regarding whether the industry will be able to recover and bounce back as quickly as many hope.
Naturally, there will be some encouragement that it will as it has managed to experience and ride out crashes in the past, whilst there have been a number of encouraging advancements that suggest digital currency is here to stay for the long haul.
As mentioned beforehand, some will use crypto to enjoy wagering activities given the rise in popularity of this activity, whilst there are populations all around the world that are continuing to embrace digital currency and adopt it in their vast numbers. Let’s not forget that El Salvador has made it a legal tender.
Whilst it can be extremely hard to predict what will happen in the future given the volatility of the assets, it really would not be a surprise to see it bounce back.