Bitcoin Price Betting - Tuesday, February 27, 2024 News Update

BTC Bitcoin Cryptocurrency Betting

BookMaker Bitcoin 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.

Tuesday, February 27, 2024, News Update

The upcoming fourth Bitcoin halving is rapidly approaching. The occasion comes around every four years. Block awards will be reduced by approximately 50%, from 6.25 bitcoin to 3.215 bitcoin in April. When a Bitcoin halving has happened in the past, the price of Bitcoin has surged. Bitcoin reached peak values after the 2012 and 2016 halvings, when it reached $1,000 and $20,000, respectively. 2020 saw the most recent halving, which came before bitcoin reached its all-time high of $69,000. Nevertheless, the price increase took some time to occur. Although it has occasionally taken months for bitcoin to reach new highs, the events themselves have historically been a driving force behind bull market momentum. But remember that this is only the fourth instance of its kind. Most people predict another big Bitcoin surge in advanced of the halving.

Phil Harvey, CEO of Sabre56, stated, "Time will tell, but historical data strongly suggests a significant increase over 18 months." According to a Finder price prediction research report released in early February, there is a possibility that the price of bitcoin (BTC) might reach a height of $77,000 by the end of 2024. The paper identifies a number of reasons that could cause bitcoin to reach new heights.

First, there is a growing interest in bitcoin among major corporations and institutional investors, which is expected to fuel demand. Second, price exposure to bitcoin is now more accessible than it was in prior market cycles because to the adoption of spot ETFs. It's significant to remember that, since spot bitcoin ETFs were approved in January, this will also be the first halving with institutional interest.

According to K33 Research, "Bitcoin ETPs globally have seen a net 30-day inflow of 83,500 BTC over the past 30 days, equivalent to 3 months of BTC miner rewards at current rates," which helps to put the significance of these funds into perspective. In a recent market report, Ryze Labs stated that "our long-term bullish outlook remains firm" in light of the halving and the "unprecedented traditional financial influx via Bitcoin ETFs."

Mikkel March, the creator of ARK36, stated that "this backdrop offers a unique confluence of factors that could either propel Bitcoin to new heights or — who knows — test its volatility in unforeseen ways." March cautioned against basing price estimates only on past price spike trends prior to or following the halving, but also on how the integration of cryptocurrencies into regular banking is developing.

As previously reported by Blockworks, the decrease in incentives may cause financial strain for many bitcoin miners. "Miners can survive if they find lower power prices and/or have better equipment - with the latter option of course costing more capital," BitOoda analysts stated in a note. "Historically during past halvings, we did see an initial drawdown in hash."

The bitcoin ETFs have sparked interest in other bitcoin products offered by the asset management company, such as its bitcoin miners ETF, which trades under the ticker WGMI, according to a prior statement made by Valkyrie co-founder Steven McClurg to Blockworks.

Bitcoin Weekly Price Per CoinMarketCap

WEEK BITCOIN PRICE IN USD
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

Tuesday, February 20, 2024, News Update

In the last few months, Bitcoin (BTC) has experienced incredible growth, with investors ignoring rising Treasury yields and the US dollar to propel the top cryptocurrency to its highest point since late 2021. The overall upward trend appears likely to persist, with prices likely to revisit and even surpass the all-time high of $69,000 prior to the fourth mining reward halving on the Bitcoin Blockchain, which is scheduled for April 19.

Over the past year, the price of bitcoin and the larger cryptocurrency market have recovered dramatically, with XRP up 35%, Ethereum up 60%, and Bitcoin up 100%. The price of a single bitcoin has surged above $50,000, putting the market capitalization of all cryptocurrencies combined—including XRP and Ethereum—above $2 trillion.

Now, a well-respected bitcoin and cryptocurrency analyst has increased his target price for the cryptocurrency as Russia's Vladimir Putin fuels fears that Joe Biden is ruining the US dollar. Bullish traders are citing a perfect storm of factors that could drive up the price of bitcoin and the cryptocurrency market in the upcoming months.

In an email report, Markus Thielen, head of research at 10x Research, stated, "Bitcoin appears to target $57,000 as its next resistance, and considering bitcoin’s performance in the previous halvings, the odds for another leg being higher are increasing,"

The recent surge in bitcoin prices has been attributed by Thielen and other observers of the cryptocurrency and bitcoin markets to the continuous inflows into the recently established spot bitcoin exchange-traded funds (ETFs) and the impending halving (or supply reduction) of bitcoin, which is anticipated to occur in April.

"Overall, the market structure appears healthy with futures positions being built, USDT tetherUSDT 0.0 percent minting supporting crypto inflows while flowing into bitcoin ETFs remains strong," Thielen stated. "Crypto-equity stocks are still undervalued and will likely continue to attract buyers and attention from Wall Street, especially after the strong earnings beat from Coinbase."

Due to the entry of institutional "fomo." this week, Wall Street behemoth JPMorgan abruptly changed its position on bitcoin and cryptocurrency exchange Coinbase. Thielen went on, "Bitcoin is the critical directional influencer," claiming that the price of bitcoin will probably grow and decrease together with that of ethereum, XRP, and other significant coins.

After a severe price collapse in 2022, the price of bitcoin has recovered. Proponents of the cryptocurrency space have also pointed to an anticipated reduction in interest rates by the Federal Reserve as a possible driver of future price gains.

"Now that bitcoin has recovered above $50,000, the typical investor is once more asking themselves, "Did I miss the purchasing opportunity?" The hard answer is "no," "The creator of the hedge fund Skybridge Capital, Anthony Scaramucci, posted on X.

Tuesday, February 13, 2024, News Update

On Monday, the price of bitcoin surged to $50,000, marking the highest point in over two years. According to Coin Metrics, the flagship cryptocurrency's price increased by 3% to $49,692.10, a level it hasn't seen since December 2021. It had previously increased to $49,998.57. After having its best week since December 8th, Bitcoin was up 10.76 percent as of Friday.

Following a month of sentiment suppression caused by large withdrawals from the Grayscale Bitcoin ETF, positive sentiment has returned to the cryptocurrency space. Not only are those withdrawals decreasing, but inflows are also rising. Furthermore, the stock market, where the S&P 500 crossed 5,000 last week, made a bid for bitcoin. According to James Butterfill, head of research at cryptocurrency-focused asset manager CoinShares, "Several factors are influencing market dynamics, including China's adoption of a more relaxed monetary policy, which has led to increased asset purchases, notably in bitcoin and equities. Demand for spot-bitcoin ETFs remains robust, with net inflows of $1.1 billion over the past week and $2.8 billion since their launch." On Friday alone, ETFs acquired 12,000 bitcoin which significantly outpaced the daily creation rate of approximately 900 new bitcoins." Chart analysts predict that if bitcoin can overcome and hold the $50,000 level, it may be able to hit new highs above $50,000 and possibly even an all-time high of roughly $69,000.

The increase also drove up cryptocurrency stocks. Coinbase, a cryptocurrency exchange, increased by more than 5%, while Microstrategy, a bitcoin proxy, increased by about 10%. Numerous mining equities experienced double-digit gains. Riot Platforms and Marathon Digital, the two largest miners, increased by 11% and 14%, respectively. Iris Energy increased by almost 18%, and CleanSpark climbed by 16 percent.

Numerous macroeconomic data points from the United States are expected to impact Bitcoin and the cryptocurrency market this week. The market expects the release of the January CPI statistics, which might have a big effect on the price and volatility of Bitcoin. Macroeconomic events and indicators, such as data from the Consumer Price Index (CPI), which monitors shifts in the cost of goods and services, often have an impact on Bitcoin.

The CPI numbers show the level of inflation in the economy, which affects the US dollar's value and the Federal Reserve's interest rate policy. The Federal Reserve will probably keep a close eye on the Producer Price Index (PPI) and Consumer Price Index (CPI) readings for January as the markets solidify their expectations of interest rate reductions. The U.S. dollar may strengthen if the U.S. consumer price report on Tuesday reveals higher-than-expected inflation, supporting the Federal Reserve's reluctance to lower rates.

Tuesday, February 6, 2024, News Update

The decision by Global Capital to sell off a sizeable portion of GBTC shares—roughly 3.2 percent of all Bitcoins in circulation—is expected to have a big impact on the cryptocurrency market as a whole. Recently, bankrupt cryptocurrency lending company Genesis Global Capital filed a motion to allow the sale of trust assets worth about $1.6 billion in the U.S. Bankruptcy Court for the Southern District of New York. It is believed that the choice to maybe transform these sizeable investments into more liquid assets is a calculated move to improve financial stability during these unsettling times.

According to the court documents, the assets owned by Genesis, a division of the Digital Currency Group, include sizeable stakes in a number of trusts, including shares in the Grayscale Bitcoin Trust valued at approximately $1.4 billion, shares in the Grayscale Ethereum Trust valued at roughly $165 million, and shares in the Grayscale Ethereum Classic Trust estimated at roughly $38 million.

Genesis Global Capital revealed in a recent court filing that it is in possession of a significant amount of GBTC shares, which are units that are directly tied to the value of Bitcoin and provide investors with a controlled way to participate in the market fluctuations of the cryptocurrency. A concurrent motion for an accelerated hearing, which aims to schedule the proceedings around the court's February 8 session, emphasizes how urgent their situation is. Not only do the GBTC shares in question have a sizable volume, but they also comprise assets that were acquired during Three Arrows Capital's collapse and serve as the program's primary collateral for Gemini.

The claim over an additional 31.2 million GBTC shares, valued at an estimated $1.2 billion, complicates matters further. The genuine ownership of these shares, which were pledged to Gemini, is currently at the center of a legal controversy. Gemini has responded by recognizing the importance of this action, particularly in light of the approval of GBTC as an exchange-traded product recently. In light of the current market problems, the corporation believes that the motion represents a critical step forward.

Expect to see more selling pressure driving down Bitcoin prices in the near future. There will be more sellers than buyers when there are more GBTC shares available on the market, which might lead to a brief price decline and increased volatility. Furthermore, this incident may have an effect on the general market attitude toward Bitcoin and other cryptocurrencies, possibly causing anxiety and uncertainty, depending on how investors respond.

It's important to take into account the long-term repercussions. Because of the increased liquidity, the convenience premium associated with these trusts is diminished, which could lead to a reduction in the premium that GBTC shares trade at in relation to the price of Bitcoin. Moreover, it might present a chance for ETFs and other Bitcoin investment instruments to capture market share. Lastly, a transaction of this magnitude would increase regulatory scrutiny of the cryptocurrency market and spark worries about manipulation and systemic hazards.

The sale of 22 million shares of the Grayscale Bitcoin Trust (GBTC) was a major outcome of FTX's bankruptcy estate. This development was recently disclosed by Evai's CEO, Matthew Dixon, and it had a significant impact on the fund. When the SEC approved GBTC's conversion and the launch of new Bitcoin ETFs, the less desirable closed-end fund, which had been in operation for ten years, had amassed around $30 billion in assets. In contrast to GBTC, which has had significant withdrawals totaling billions of dollars, recently launched spot Bitcoin ETFs from companies like Fidelity and BlackRock have experienced significant inflows. The data indicates that the withdrawals from GBTC were significantly impacted by FTX's selling of its entire investment in GBTC, which included 22 million shares worth at around $1 billion.

The plan for liquidation includes holdings related to Ethereum Classic and Ether (ETH), with the goal of unloading these assets in order to pay off debts that extend beyond Bitcoin (ETC). This all-encompassing approach highlights Genesis' deliberate efforts to increase liquidity, which are principally intended to maximize asset fluidity and guarantee efficient payment to its debtors. Furthermore, the lending organization owes its 50 biggest creditors a total of more than $3.5 billion; this list prominently includes key firms including trading giant Cumberland, Mirana, MoonAlpha Finance, and VanEck's New Finance Income Fund.

A number of variables, including the state of the market as a whole, investor behavior, and the chosen sales approach, will determine whether this event turns out to be a significant market mover or a little blip. In any case, it's an important development to keep a careful eye on because of the possible implications for both Bitcoin's future and the larger cryptocurrency scene.

Tuesday, January 30, 2024, News Update

There is no question that Bitcoin is the most popular cryptocurrency and the word "Bitcoin" is practically a synonym for cryptocurrency. However, as time has gone on, the cryptocurrency market has expanded and additional virtual currencies are now accessible. How dominant a coin is relative to the overall crypto market is a crucial indicator in the field. It's an easy calculation to do: Divide the market cap of each coin by the total market cap of all cryptocurrencies. For instance, the market value of Bitcoin is over $760 billion. With the entire cryptocurrency market valued at $1.5 trillion, according to CoinMarketCap, Bitcoin would hold a dominance ratio of almost 50.7 percent.

This indicates that it represents slightly more than half of the total valuation of the cryptocurrency market. With a market valuation of $265 billion, Ethereum is the second-largest coin and has a 17.7% domination percentage. Right now, no other cryptocurrency even approaches a 10 percent domination score.

The dominance % is subject to frequent fluctuations, contingent not only on the value of Bitcoin but also on the prices of other cryptocurrencies. Interestingly, throughout the course of the last year, there has been a rise in the popularity of Bitcoin. That's probably partly because people were waiting impatiently for the approval of a number of spot Bitcoin exchange-traded funds (ETFs), which happened earlier this month. The approvals exceeded the expectations of investors, who may have also encouraged more people to purchase Bitcoin in an attempt to profit from its soaring value.

With so many ETFs now approved, Bitcoin might be considered the most accessible cryptocurrency because there are so many more possibilities for investing. It is the most well-known digital money for novice investors, and considering its magnitude, it may be regarded as the safest alternative available. New investors may be seeking for ways to lower their risk by choosing a well-known brand like Bitcoin, given the significant risk associated with cryptocurrencies as a whole. This safety-seeking strategy can cause its dominance percentage to rise even higher.

The upcoming Bitcoin halving, which is a regularly planned event that should occur in April 2024, is another possible positive driver. In order to maintain supply control, the rewards for mining bitcoins are halved. Previous instances of Bitcoin halving have been accompanied by increases in price for sound fundamental economic reasons.

If incentives decline and currency prices stay constant, mining will become less profitable. Without mining activity, this blockchain network is unable to process transactions. Therefore, the halving events have significance for the economic model of Bitcoin and have the potential to affect market dynamics.

If you're thinking about making a cryptocurrency investment, Bitcoin might be your best bet. Typically, Bitcoin is in the forefront of bullishness in the cryptocurrency markets. That will probably continue to be the case for the foreseeable future as it is the biggest and most notable digital money.

New digital currencies may be more volatile and risky, but they will also likely be smaller and have higher potential profits. The power of Bitcoin's brand in the cryptocurrency space may be easily determined by looking at its steadfast dominance.

Tuesday, January 23, 2024, News Update

Since the approval of Bitcoin ETFs, the price of Bitcoin has decreased. The selling pressure may lessen now that FTX has completed selling its sizable holdings, given the liquidation of shares by a bankruptcy estate is a relatively uncommon occurrence. Since the Grayscale Bitcoin Trust (GBTC) was changed into an exchange-traded fund earlier this month, investors have liquidated more than $2 billion worth of shares.

After years of delays, the U.S. Securities and Exchange Commission eventually approved a number of spot bitcoin ETFs, and they started trading on Jan. 11. However, the Grayscale fund, which was originally designed as a less appealing closed-end fund, had already been in operation for ten years and had amassed about $30 billion in assets when the SEC accepted its conversion to an ETF and approved ten newly established bitcoin ETFs.

Although there have been inflows into the new funds, which are managed by firms like BlackRock and Fidelity, billions of dollars' worth of bitcoin have been removed from GBTC. Since the ETFs were approved, the price of Bitcoin (BTC) has dropped, which is a sharp contrast to the high expectations that existed prior to the SEC's announcement of its decision. Bitcoin ETFs have been hailed as making it simpler for regular individuals to invest in the cryptocurrency, which has led to extremely bullish price projections for BTC. So far, those projections have been overly optimistic.

The Grayscale Bitcoin Trust, which is now an ETF, is at the center of the reorganization. Investors are cashing out of the trust now that its share price almost exactly matches the spot price of Bitcoin. The amount GBTC held has decreased significantly this month by about 100,000 BTC. Investors in GBTC are looking to switch to other ETF products that provide better terms. Regulations around this are likely to restrict ETF inflows, according to SkyBridge Capital's managing partner and founder Anthony Scaramucci, who made this statement in an interview with Yahoo! Finance last week at the World Economic Forum in Davos, Switzerland.

He said, "You have a lot of investors who bought Bitcoin at $50,000, $60,000, or $69,000 and went into Grayscale Bitcoin Trust at 2%. As a result, when the ETF became available, they were able to sell the Grayscale Bitcoin Trust and take a loss for tax purposes." Scaramucci brought up the 30-day cooling-off period that investors must wait after selling in order to repurchase the identical investment, which presents a "great arbitrage" opportunity.

The CEO of Bitcoin technology company Blockstream, Adam Back, retorted, "Could be step-up in buying in 30 days post sale." Back had previously mentioned the size of the ETF inflows and their importance for the market. Back is well-known for his optimistic view on Bitcoin in the current environment.

Tuesday, January 16, 2024, News Update

With the excitement surrounding the launch of new US exchange-traded funds for the biggest digital asset waning, Bitcoin posted its worst run in over a month. As of Monday morning, the token was trading at $42,655. Up until Sunday, it fell for three days in a row, its longest losing streak since mid-December. Smaller cryptocurrency coins had varied results, with BNB rising and Ether falling in the rankings.

Beginning trading on January 11, the group of nearly a dozen exchange-traded funds (ETFs) included investing juggernauts BlackRock Inc. and Fidelity Investments. After going live, Bitcoin temporarily reached a two-hour peak around $49,000 before starting to decline. As some market observers had anticipated, the surge and swift decline reflect the characteristics of a "buy-the-rumor, sell-the-fact reaction," according to a note from Tony Sycamore, a market analyst at IG Australia Pty. Based on signs from Bitcoin chart patterns, he expects a potential decline to $38,000 to $40,000.

The first US spot ETFs for the token, according to proponents of Bitcoin's controversial position as a store of value, signaled a rise in investor access to the cryptocurrency. Despite a slight market recovery last year, detractors point to 2022's severe cryptocurrency meltdown and the accompanying bankruptcy as grounds for concern regarding broader acceptance.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, stated in a post on the social media platform X that the new US spot funds saw a net inflow of $819 million during their first two days of trading. This included $422 million for the Fidelity Wise Origin Bitcoin Fund and $500 million for BlackRock's iShares Bitcoin Trust.

The largest of these funds, the $26 billion Grayscale Bitcoin Trust, had $579 million in withdrawals following its conversion to an ETF last week, according to Balchunas. Some speculated that the difference would lessen because the fund, which had a closed-ended structure earlier, traded last year at a discount to its underlying holdings.

Noelle Acheson, the writer of the Crypto Is Macro Now newsletter, suggested that part of the reason for Bitcoin's recent decline might be that traders are taking profits on that trade now that the discount has almost completely disappeared. “It’s very unlikely that all the outflows from the Grayscale Bitcoin Trust went back into Bitcoin,” she said. “The new funds are likely to continue to see strong inflows over the next week, as money on the sidelines is funneled in, and as the marketing machines get going. This could be offset short-term from more outflows as speculative positions are unwound.”

Tuesday, January 9, 2024, News Update

Have you ever wondered who holds the most Bitcoin in the world today? It might surprise you to learn that an ETF (Exchange-traded fund) holds the most Bitcoin today. The Grayscale Bitcoin Trust is the largest Bitcoin ETF in the world and they hold over 643,000 BTC which is valued at over $28 billion dollars. That means they hold about 3% of the total supply of Bitcoins in the world.

There are many companies in the private sector that hold a lot of Bitcoin. A number of businesses have accumulated sizeable private sector holdings in Bitcoin, indicating a purposeful move towards digital assets. Several considerations, such as the desire to participate in the developing digital economy and the conviction in the long-term worth of Bitcoin as an inflation hedge, motivate these investments.

Mt. Gox, which was once a Bitcoin exchange, holds about 200,000 BTC which is valued at nearly $9 billon dollars. That means they hold almost 1% of all Bitcoin in the world. The main reason for Mt. Gox's Bitcoin holdings is its past operational activity. Since its notorious hack and subsequent bankruptcy, the company has been at the center of legal and financial debates.

The top public company in terms of most Bitcoin held is MicroStrategy. They are a business intelligence firm that has just over 189,000 BTC which is valued at more than $8 billion. That means MicroStrategy has about 0.9 percent of the total 21 million Bitcoins that will ever exist.

Another company that holds a large number of Bitcoins is Block.one which specializes in blockchain technology. They have about 140,000 BTC which is worth just over $6 billion. That number is about 0.667% of the total Bitcoin supply.

And just in case you were curious, a big-name company like Tesla does hold Bitcoin, but not as much as you might think. They hold almost 11,000 Bitcoin which would be valued at about $472 million.

Tuesday, January 2, 2024, News Update

In 2023, Bitcoin (BTC) had a remarkable year, rising by a noteworthy 144 percent and surpassing other important assets and indexes. Its market value increased by an astounding $530 billion during the most recent boom, demonstrating a strong rebound from the 65 percent decline it suffered in 2022. Tighter monetary policy and a number of industry issues, such as the insolvency of significant corporations like FTX, contributed to the decline of the previous year.

The price of bitcoin increased by $25,506 in 2023 to $42,208, per CoinMarketCap data. This digital currency reached its peak value in November 2021 when it exceeded $67,802. In 2023, Bitcoin has not only shown remarkable resilience, but it has also outperformed other significant asset classes and indexes. It outperformed gold, which gained 14 percent, and the S&P 500, which gained 25 percent, with a robust triple-digit return. With the exception of 2022, Bitcoin has historically beaten both gold and the S&P 500 since its launch in 2009. This pattern demonstrates Bitcoin's tenacity and future as a top digital asset.

A number of reasons seem to be in favor of Bitcoin in 2024. The projected approval of the first batch of spot Bitcoin ETFs in the US, which might happen as early as January 10, is a significant move. Because of the interest shown in Bitcoin as an investment alternative by major firms like Blackrock, Fidelity, and VanEck, this development may make it more accessible to institutional investors.

In addition, a supply halving of Bitcoin is scheduled to occur in April 2024. The upcoming event is anticipated to lower the issuance of Bitcoin from 6.25 BTC per block to 3.125 BTC, hence increasing the cryptocurrency's scarcity. In the past, halving occasions have played a significant role in the four-year cycles of Bitcoin, frequently resulting in all-time high values for BTC. In sharp contrast to the difficulties of the last year, the outlook for Bitcoin and its investors as we enter the new year is one of promise and excitement.

Some Bitcoin experts are predicting huge gains for Bitcoin in 2024. One of the most reliable predictors of the Bitcoin price has been University of Sussex professor of finance Carol Alexander. She predicted Bitcoin’s drop in price in 2022 and for 2023 she said that Bitcoin would get as high as $50,000. She has said that Bitcoin will trade in the $40,000 to $55,000 range in the first quarter of 2024 and that it could rise to $70,000 in the second or third quarter. She said Bitcoin’s price could go to over $100,000 but only if the ETF providers reduce volatility.

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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