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, January 30, 2023, News Update
The FTX fallout continues to be very intriguing, and Coinbase Director Conor Grogan took to Twitter with some interesting findings on Sunday. Grogan notes that on June 8, 2022, two unknown wallets withdrew $75 million of Lido Staked Ether from FTX. This was one of the main factors in the collapse of Three Arrows Capital and Celsius, and it now appears very likely that either FTX or Alameda Research were behind those moves. Grogan notes that both wallets sent their crypto holdings to the FTX estate this month during bankruptcy proceedings and that makes it very likely that the company played a major role in the downfall of 3AC and Celsius.
Grogan also highlights how FTX/Alameda were so quick to dump Lido Staked Ether that they lost over $1 million in slippage. Rather than slowly dropping the crypto in order to maximize the revenue gained from selling it, the wallets essentially held a firesale.
That has led to speculation that there could have been ulterior motives for the sale. Interestingly enough, the tables were turned on FTX/Alameda in this regard when Binance’s CZ did pretty much the same thing a couple months ago, resulting in the collapse of FTX and Alameda.
Bitcoin Weekly Price Per CoinMarketCap
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Thursday, January 26, 2023, News Update
There continues to be good news in the crypto world as Bitcoin is currently over $23,000 as of early Thursday morning. It has risen in spurts since the start of the new year, and Bitcoin is currently at its highest point in four months. However, Barron’s has noted that investors should still tread carefully as crypto’s low trading volume has had a lot to do with the surge considering how many people put their wallets into cold storage following the collapse of several exchanges in 2022.
Some Bitcoin believers were optimistic that we would see another run when Tesla’s Q4 financials were released. They believed that Elon Musk may have bought more Bitcoin while the price was low, and that would have fueled another rise. However, Tesla announced that it did not buy or sell any Bitcoin in Q4 of 2022, continuing to hold onto almost $200 million worth of Bitcoin.
Cointelegraph highlights a recent interview with economist Lyn Alden that throws some cold water on the Bitcoin hype too. Alden states that crypto faces “considerable danger” from the United States Federal Reserve as the government seeks to move on from quantitative tightening in order to halt the spread of inflation. He expects Bitcoin to eventually rise once more, but he cautions that there could be bad news to come later in the year.
Monday, January 23, 2023, News Update
Bitcoin is coming off another strong weekend, soaring as high as $23,000 before a slight drop. That’s great news for the suffering crypto community as the Genesis bankruptcy has not slowed down the momentum of the largest digital currency. There is growing adoption in Latin America and Africa, and we might see 2023 go down as the year of crypto.
One of the more interesting developments in the crypto sphere has been the rise in play-to-earn games. This model has been around for the last decade or so, but we are starting to see a crypto element to it. Zebedee and Viker announced a collaboration last week, and they launched two play-to-earn games for crypto in Bitcoin Chess and Bitcoin Scratch.
Of course, no one will become a millionaire playing one of these games, as the payouts are very small. The company estimated the average user would earn just a few pennies per session, but the goal is to incentivize people to play common, everyday games on a new platform.
Viker co-founder Dan Beasley summed up this sentiment, saying that: “Implementing rewards with Zebedee’s platform isn’t about players earning money, it’s about creating a more interesting and fun experience. Earning these tiny rewards simply feels great, regardless of if it’s small amounts that won’t materially impact most people’s lives.”
Thursday, January 19, 2023, News Update
Of course, as soon as we get some good news from Bitcoin, an event comes to dampen enthusiasm and send some investors out of the sphere once more. After a strong performance over the Martin Luther King Jr. Day holiday weekend, Bitcoin dropped on Wednesday after the news on Genesis came out.
According to Bloomberg, Genesis Global Capital will be filing for bankruptcy within the next few days. The company is reportedly in negotiations with creditors and saying that they will be forced to file for bankruptcy protection if they do not reach an agreement with their creditors or find new sources of capital. Genesis loaned $2.4 billion to Three Arrows Capital last year, and the subsequent collapse of Three Arrows put the company in dire financial straits.
It will be interesting to see whether Binance or another company steps in to help Genesis and its customers. Binance CEO Changpeng Zhao previously discussed setting up a fund to bail out crypto companies, but that was likely bluster.
Unfortunately, another crypto exchange is set to go down too. The US Department of Justice arrested the operator of Bitzlato on Wednesday and alleged that the company worked with illicit service providers on the darknet. Since federal prosecutors have a 95%+ success rate, it’s likely that something is there, and that’s bad news for Bitzlato.
Monday, January 16, 2023, News Update
The last week has been the best week for Bitcoin in months. We have seen Bitcoin surge past the $20,000 mark once again and it eclipsed $21,000 a few times too. That is great news considering the crypto winter we all experienced throughout 2022.
According to both CNBC and CNN, the reason behind the crypto boom seems to be due to potential changes in the Federal Reserve’s inflation policy. The Federal Reserve has been very proactive in trying to combat inflation, but the CPI has now fallen for six straight months. That has led to speculation that the Federal Reserve may soon pull back some of its more drastic measures in order to stimulate the economy. This optimism is expected to lead to a big day for the stock market when the markets reopen on Tuesday, and it has already been a bit hit in the Bitcoin world.
Ed Moya, a senior market analyst at Oanda, wrote: “Wall Street is very confident that the end of the Fed’s tightening cycle is upon us and that is providing some underlying support for crypto. Unless we hear some strong hawkish pushback from the Fed or if commodity prices surge, crypto traders should not be surprised if Bitcoin is able to extend its recent gains.”
Thursday, January 12, 2023, News Update
There has been some great news in the crypto world over the last few days. First, for the first time in almost a month, Bitcoin is trading at over $18,000 a coin as of Thursday morning.
Much of this seems to be due to the recent Consumer Price Index report in the United States. We have now seen six consecutive months of softening inflation, and there were hints of good news once again on Wednesday evening before the CPI report was officially released on Thursday morning. The CPI has dropped to 6.5%, and that has led to Joe Biden’s administration trumpeting their measures to curb inflation as most countries are still sitting at 8% inflation or more.
The other great news is that FTX attorneys have claimed to find almost $5 billion in cash and digital assets. Many investors in the company had written off their crypto positions, but this finding means that most accounts should be at least partially restored.
It’s going to take a lot of time to recover all the funds since putting all the digital assets up for sale would set off a feeding frenzy, but this is great news considering investors in smaller exchanges will likely receive nothing as a result of Celsius and other companies going under.
Monday, January 9, 2023, News Update
Cryptocurrency is on the rise early Monday morning, and there is hope that Bitcoin will finally stabilize north of $17,000 after languishing around the $16k mark since the FTX and Alameda fraud stories came to light. There have been no other stories of major bad actors in the crypto sphere, and Binance has taken the lead in helping avoid something like this from happening again.
Given Bitcoin’s rapid decline since it peaked at over $67,000 14 months ago, there has been talk of when to buy back in at the lowest point and when to just treat it like a regular commodity. That has led to a contentious back and forth between crypto wonks and the precious metals community.
While it may seem obvious that investing in gold or silver is a better long-term play if you are looking for stability, there are good arguments for crypto, and especially Bitcoin in this regard. First, unlike gold and silver there is a finite amount of Bitcoin available. We are constantly discovering new mineral deposits, but there will only ever be 21 million Bitcoin.
The other argument for crypto is flipping a precious metals argument on its head. Gold and silver holders will talk about the intrinsic value of precious metals, but there was little intrinsic value in either mineral until very recently in human history. Rather, societies had generally agreed to hold gold and silver in high standard, and it was a common acceptance that gave metals their value. The same can be true of Bitcoin and other cryptos if enough people believe they have value.
Thursday, January 5, 2023, News Update
Once again, Sam Bankman-Fried is the biggest story in crypto right now. SBF returned to court on Tuesday, where he officially entered a not guilty plea for all eight crimes he was charged with in relation to the spectacular implosion of FTX and Alameda Research. That was expected by pretty much everyone involved even though the SDNY was able to convince Caroline Ellison and Gary Wang to turn states’ evidence, and Judge Lewis Kaplan scheduled the trial to begin on October 2.
There is a very interesting question that will remain unanswered for the foreseeable future. Two unnamed individuals guaranteed SBF’s release on bond, and Judge Kaplan agreed that those two guarantors should not be publicly named due to the intense public attention that they would be subject to as a result of their actions. Many in the crypto community are speculating on the identity of those two individuals, and there is plenty of speculation that they are politically connected considering the amount of money that SBF donated to political campaigns.
That will be arguably the most interesting thing to watch play out in this trial. US District Attorney Damian Williams alleges that SBF made at least $10 million+ in illegal campaign contributions to candidates (most of whom are centrists in the Democratic Party). While Citizens United v. FEC opened the door for individuals to donate gobs of money to political campaigns, SBF was allegedly trying to skirt the regulations laid down in the wake of the Supreme Court case, and other people might have been involved in that endeavor.
Monday, January 2, 2023, News Update
Happy New Year everyone! Everyone in the crypto community is ready to move on from 2022 as it was one of the toughest years for crypto, and investments in general, in recent memory. The stock market and S&P 500 dropped considerably over the course of the year, and inflation took its toll on the economy.
However, the most interesting story in crypto this week is the latest development in the Sam Bankman-Fried saga with FTX. SBF was freed on $250 million bond even though he had previously claimed he had little money to his name. That caught the ire of many in the crypto community, and they were further incensed when wallets tied to Alameda Research began having their funds drained.
Coin Telegraph noted that the funds weren’t simply being drained either. The crypto from these wallets was being exchanged for Ethereum and Tether, and then it was being run through accounts on a few different exchanges. This raised quite a few red flags, and SBF actually took to Twitter to deny allegations that he or someone he knew was behind it.
While posting a link to the Coin Telegraph article, SBF stated “None of these are me. I’m not and couldn’t be moving any of those funds; I don’t have access to them anymore.” Of course, he has been bombarded by replies from people claiming that this was an inside job, adding another layer of mystery to this debacle.
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.
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.
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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