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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. As of late October 2019, Bitcoin still holds over 50 percent of the value in the entire cryptocurrency market, and that doesn’t seem set to change any time soon.
Week of January 20, 2020 News Update
Since this is a Bitcoin page, we almost exclusively talk about Bitcoin when we are discussing cryptocurrencies. However, the rise in Ethereum over the last month has been intriguing, so let’s touch on that.
Ethereum continues to be the second-most popular cryptocurrency in the world. It was founded less than five years ago as a crypto designed to be used by larger institutions, and that has helped it explode in popularity and value. Financial institutions and countries prefer Ethereum to Bitcoin, and that has some believing this crypto is more recession-proof than Bitcoin.
Over the last two weeks, we have seen a marked rise in the price of Ethereum. It was trading at just over $144 a coin on January 13, but it has been above $162 for each of the last 10 days. Some are speculating that it could surpass the $200 milestone in a few months, making this a potentially wise investment.
In other news, treasure hunts and puzzles have delighted people for years, so it’s no surprise to see that same fun move into the crypto world. Phemex announced that they were giving away 2.1 Bitcoin to the first person to solve a puzzle earlier this week, and the prize is still up for grabs as of Friday morning. The co-founder of the company gave out more clues to help those on the hunt yesterday, so get in on the chance to win almost $20,000 before someone else wins it!
Bitcoin BTC Weekly Price
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Week of January 13, 2020 News Update
We’re in the middle of another Bitcoin surge. After an extended decline that lasted for almost three months, uncertainty in the global markets has led to a rapid increase in the price of Bitcoin. The tenuous situation in the Middle East has people opting for the safety of cryptocurrency, and not even the announcement of the first stages of a trade deal with China could put the brakes on this momentum.
Bitcoin is off to its strongest start since 2012. Forbes is reporting that institutional money is finally starting to flow into the premier cryptocurrency, and that could lead to a prolonged boom. Buy-in from the global financial market would be massive to the long-term success of Bitcoin, and more wonks are praising its safety in comparison to gold.
Some observers are more bearish about Bitcoin’s future prospects due to a “double top” pattern. Those observers claim that you can predict market moves in the notoriously fickle market just by looking at trading charts, and that has led to some analysts predicting a market correction to the mid-$8000s.
This method is not the most accurate way of predicting Bitcoin movement though, and many will only take a passing glance at these warnings. It’s incredibly difficult to determine what Bitcoin will do in the short term or the long term, but it is only gaining more traction among the populace.
Week of January 6, 2020 News Update
Tensions in the Middle East have been the driving force behind Bitcoin’s price fluctuations this week. Cryptocurrencies have generally fared well when there is an international crisis going on that threatens to shake up the global economic system, and we saw that happen again over the last week as relations between the United States and Iran became perilously fraught.
The United States’ decision to assassinate Qassem Soleimani on Iraqi soil sent shockwaves throughout the world. This brazen use of force was denounced by Iran and European allies alike, and it immediately led to a spike in oil prices and cryptocurrency.
Bitcoin was struggling to stay above $7,000 a coin but worries of a new conflict in the Middle East led to its value rising by nearly 20 percent in the span of a few days. Iran’s muted response has led many pundits to believe a crisis has been averted for now. That’s great news for the world, but that led to Bitcoin declining over the last 24 hours as some level of order has been restored.
While Bitcoin has fluttered, other traditional markets are booming. The United States stock market is a powerhouse at the moment, and oil prices are strong too. That has led to increased concern over the long-term viability of Bitcoin, especially because of its perceived relationship with crises.
In other news, Bitcoin traders are starting to feel bearish about the upcoming halving. The cryptocurrency has occasional halvings built in to prevent inflation, and the next halving is expected to take place in the next four months. The price of Bitcoin has exploded after the last two halvings, but many analysts are expecting a more lukewarm response this time.
Week of December 30, 2019 News Update
Bitcoin took investors on a wild ride in 2019. At the start of the year, the biggest cryptocurrency was selling for below $4,000 a coin, and it appeared the bubble had burst. After being known for its volatility though, Bitcoin remained steady at around $4,000 a coin for a few months, leading to some declaring the crypto relatively stable.
We all know what happened after that. Bitcoin took off in April, rising to a little over $5000 a coin before skyrocketing in May. The crypto jumped in value to almost $9000 a coin at the end of the month, and Bitcoin was trading for over $10,000 a coin once more by the end of June. After some buyback, it nearly crossed $12,000 a coin in August before gradually slipping back down to around $7,000 a coin by the end of the year. It was a roller coaster of a year for Bitcoin, but those that invested at the beginning of the year and stayed the course made 75 percent in just 12 months. That’s an incredible return on investment.
Bitcoin dipped below $7,000 on January 2, but it quickly rose in value after news broke that the United States had killed top Iranian general Qasem Suleimani in an air strike on Friday. The White House confirmed the news, leading to a surge in the price of both Bitcoin and oil. Bitcoin rose by four percent and oil rose by three percent after it was confirmed, as there are fears of another protracted conflict in the Middle East.
Week of December 23, 2019 News Update
The self-proclaimed inventor of Bitcoin is in the news again this week. Australian scientist Craig Wright was ordered to give up almost $3 billion worth of Bitcoin earlier this year, after a judge ruled that he submitted false statements and forged documents in order to deprive his late partner Dave Kleiman’s estate of billions worth of crypto. The judge ruled that Kleiman’s estate was entitled to half of Wright’s Bitcoin wealth since the two were joint partners prior to Kleiman’s death.
Wright is claiming that he needs the authorization of third parties through an encrypted trust in order to access the Bitcoin, but the court believes that the trust doesn’t exist, and that Wright is simply stalling. This case is being closely watched by many in the crypto industry, as Wright might sell off a large stash of Bitcoin at once in order to pay Kleiman’s estate. That could lead to a sudden drop in the price of Bitcoin, so investors are monitoring this situation.
The other big news in the world of crypto is that YouTube is deleting hundreds of videos related to Bitcoin and cryptocurrency. YouTube’s parent company, Google, had already blocked cryptocurrency ads earlier in the year, so this led some outlets to declare that Google was declaring war on crypto.
The truth is far more mundane though. YouTube has restored the videos since they were deleted, claiming that there was an error that caused the videos to be removed. All the videos that were removed are available once more, but this has crypto enthusiasts a bit on edge.
Week of December 16, 2019 News Update
Earlier this week, Bitcoin’s resiliency was tested once again. For the last month, the cryptocurrency has steadied just north of $7,000 after a precipitous three-month drop that saw Bitcoin fall from almost $12,000 a coin in early August to where it sits now.
It has dipped below $7,000 several times since late November, and Tuesday’s performance led some to wonder whether Bitcoin would soon be in a freefall. The price fell below $6,600 on Wednesday but it rallied in a big way in the evening, regaining 10 percent of its value.
However, there are fears that Bitcoin’s price could continue to slide. Forbes recently published a report on the cost of Bitcoin mining in a few different countries, and its prohibitive cost could lead to investors and companies alike selling off Bitcoin and dumping their equipment if prices fall too low. That would create a freefall and lead to Bitcoin crashing as the price of making Bitcoin could be double the price of an actual Bitcoin.
Even if there is a temporary decline in Bitcoin, many expect a surge shortly after the new year. Bitcoin is set to halve in May 2020, and the loss of half the new supply of Bitcoins should create a spike in the price of crypto. Miners might become scarce, making the Bitcoin in circulation even more valuable, leading to hopes of another incredible run.
Expect plenty of fluctuation in the price of Bitcoin over the next six months with these two things in mind. It’s set to go on a roller coaster ride once more after appearing to stabilize.
Week of December 9, 2019 News Update
The Gray Lady is the paper of record in the United States, but they haven’t published many positive stories on Bitcoin since its emergence over a decade ago. The New York Times has largely been bearish on cryptocurrency, and that trend continued this week with a feature story about a cryptocurrency Ponzi scheme.
Ponzi schemes have been on the rise since Bernie Madoff made billions by defrauding rich investors, and the complex nature of cryptocurrency continued to dupe people who don’t know much about Bitcoin. Four people have been arrested and another individual has been charged for their role in a company called BitClub Network. Federal prosecutors allege that they stole $722 million from investors by promising excessive returns, but they never even made an effort to invest in cryptocurrency.
That’s not the only news in cryptocurrency this week though. While Bitcoin is holding steady in the low $7,000 range, altcoins are performing very well. Ethereum continues to grow very well since its adoption by major players like banks and governments, and Ripple has been on an upward trend too. Those two cryptos are the largest alternatives to Bitcoin, but Bitcoin still has a whopping 66.5 percent of the market share in this sphere.
It will be interesting to see whether that pattern continues over the coming weeks. Almost every cryptocurrency has taken a hit over the last month, but Ethereum might be more resilient given its ties to the financial world.
Week of December 2, 2019 News Update
Although Bitcoin has been languishing at around $7,000 a coin, the future is bright according to a recent report from Bloomberg. Their crypto analysts have speculated that the coin is unlikely to fall below $6,500 and that it could rise back into five-figure territory early in 2020.
That would be great news for the premier cryptocurrency. Bitcoin has been dropping slowly since it peaked in mid-August, falling below $10,000 a coin in mid-September. It rallied to threaten crossing $10,000 again last month, but it has fallen dramatically since early November.
This most recent decline has emboldened Bitcoin skeptics. Peter Schiff has stated that he does not believe Bitcoin will draw the new investment necessary to push Bitcoin back to previous heights, and fellow gold wonks are hoping this means a rise in the price of precious metals.
Speculators have not had a good week when it comes to investing in Bitcoin. A record $9 billion in Bitcoin was transferred in the span of one hour earlier in the week, and that led to a spike in the price of the cryptocurrency. However, when it was discovered that the price increase was linked to an exchange transferring that sum into cold storage, the price deteriorated once more.
Week of November 25, 2019 News Update
As of yet, the fears that Bitcoin would freefall and drop below $7,000 have not come to fruition. The world’s premier cryptocurrency has dropped significantly throughout the month of November, but the floor has been set at $7,000. It has fallen below that mark twice over the last week, yet it has surged past $7,000 both times and closed above that mark last Friday and on Monday.
With Bitcoin becoming more commonly discussed in public, Hollywood is starting to incorporate cryptocurrency into movies and television shows. Along those lines, it was only a matter of time before the most popular show involving hackers turned its attention to crypto.
Fans of the show Mr. Robot noticed that in the most recent episode, the titular character built a program to help launder cryptocurrency through something called a crypto tumbler. It’s assumed that he will be using the program to steal Bitcoin or another crypto later in the season, and that has shed light on the prevalence of certain programs that can potentially track Bitcoin. Companies like Elliptic and Chainalysis have had some success in that arena, leading to the rise of solutions like CoinJoin.
There is news in the real world regarding Bitcoin too. Silvergate announced that it had acquired one of the oldest Bitcoin exchanges earlier this week. Silvergate is a commercial bank centered around digital currencies, and the acquisition of Kraken gives it more credence in this sphere. Kraken has been one of the largest exchanges since its foundation, so this should give Silvergate a boost.
Week of November 18, 2019 News Update
The price of Bitcoin has taken a substantial hit in November, and its decline has been even more precipitous over the last week. Bitcoin’s value has fallen for seven straight days, and it could fall under $7,000 by next week. If it reaches that mark, it’s price would have fallen by half since it breached $14,000 back in the summer, throwing investors for a whirl.
It’s been difficult for analysts to determine the reason for Bitcoin’s rapid decline. Some have speculated its due to China’s recent restrictions on cryptocurrency, while others believe that it’s the result of new reports linking Bitcoin to illicit activity. Still, other analysts think it might be due to the surprising unpopularity of Bitcoin futures trading. One thing is clear though. Everyone is bearish on Bitcoin right now, with some projecting it to fall back to the $4000 range it was trading at in Q1.
There is some potential good news on the horizon for Bitcoin investors though. Tech companies Yahoo and Line are discussing a potential merger, and both giants have significant crypto interests. Line has cryptocurrency exchanges and blockchain businesses in numerous Asian markets, while Yahoo still has significant holdings in numerous areas of technology.
Nikkei is reporting that these two companies are in the last portion of negotiations. Their strategy going forward will do much to determine the fortunes of Bitcoin though, particularly in Asia.
Week of November 11, 2019 News Update
The price of Bitcoin and other cryptocurrencies has fallen considerably over the last week. While it’s not the full-blown collapse that we have seen multiple times over the last few years, it’s certainly not great to see that Bitcoin has lost eight percent of its value from where it was last week. Former European Central Bank president Jean-Claude Trichet did not help matters either when he was asked about the future of crypto.
Trichet is a major skeptic of cryptocurrency. He was the head of the ECB from 2003 to 2011, and he declared that there is no real value in crypto at a conference over the weekend. Trichet stated that crypto does not have the usual caveats and ties that come with fiat currency, leading to him dismissing the prospects of cryptocurrencies.
Some have attached value to those remarks given Trichet’s former position, but they read like someone that is out of touch with the financial sector given his specific criticism. While there is a lot of speculation with regards to Bitcoin and cryptocurrency, that is something everyone has noted over the last few years.
The more encouraging news for Bitcoin and crypto is that another major bank is considering starting a crypto exchange. JP Morgan was the first major Western bank to move into the crypto space earlier this year, and Royal Bank of Canada is pondering dipping its toe in the water too. RBC wants to allow customers to invest and trade Bitcoin and Ethereum, and their entrance into the market would signify their belief in crypto. It would likely lead to a boost in the price of Bitcoin too, so keep an eye out for news on this front.
Week of November 4, 2019 News Update
Scandinavia has long been a hub for crypto activity, but Finland has not embraced digital currency like the other four countries in the region. Sweden, Norway, Iceland, and Denmark have had more progressive crypto policies than Finland, but Finland is changing that. The Finland Financial Supervisory Authority has given approval for five cryptocurrency service providers to operate within the country’s borders.
LocalBitcoins, NorthCrypto, Prasos Cash Management, Prasos Oy, and Tesseract Group have been given the green light to operate in Finland. The Finnish government has noted that these five companies have actively combated using cryptocurrency for money laundering and other illicit activities, so they have been rewarded for their efforts.
Another polar country is becoming more progressive when it comes to cryptocurrencies like Bitcoin too. Canada’s Central Bank had noticed an uptick in the number of Canadian citizens who were investing in crypto, so they commissioned a survey to gauge Canadians attitudes towards Bitcoin and other cryptocurrencies.
The survey found that five percent of Canadians are actively invested in Bitcoin, which is a marked jump from the last time the survey was conducted back in 2016. Most investors hold small amounts of crypto, but four percent of responders said they owned more than 10 Bitcoin, illustrating their confidence in crypto. The demographics show that men between the ages of 18 and 34 are the primary investors in Bitcoin, and that’s a trend that holds constant in countries around the world.
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. Since then, the price of Bitcoin has fallen considerably, but early adopters are still well ahead of the game.
One of the major criticisms of Bitcoin is that the currency wildly fluctuates, but we have not seen a ton of movement in the cryptocurrency since Thanksgiving 2018. 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.
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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