How will Bitcoin’s price drop affect the online betting industry?

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Despite the fact that digital currencies are growing in popularity by the day, many people think they are not worth I, especially after the recent price corrections. In November 2021, Bitcoin and a few other digital currencies reached astronomical levels. Crypto fans thought the trend would continue, and Bitcoin’s price would eventually surpass $100,000. However, this did not happen. 

After losing a large percentage of its value in late November and early December 2021, Bitcoin continues to plummet. Following the recent price correction, the digital currency has almost half of its value since its all-time high. Needless to say, this has a negative effect on cryptocurrency casinos because some people are scared of using such sites. Fortunately, SilentBet revealed its crypto casino sites accepting the most popular cryptocurrencies in the world, and as expected, most of them offer other payment solutions. Therefore, online bettors can avail themselves of a wide range of deposit and withdrawal alternatives if they want to bet. 

Bitcoin’s price correction will impact iGaming, as well as almost every other industry, so let’s check a few important things about it. 

The price of some cryptocurrencies plunged after a series of bad news 

Experts say that there are all sorts of reasons why the price of certain digital currencies dropped in January 2022. 

Since Bitcoin and some other popular currencies lost a lot of their value, some bettors will prefer to use the standard options. Apart from Bitcoin, Ethereum is also one of the digital currencies that took a huge hit. According to popular crypto platforms, ETH dropped by almost 30% just a couple of weeks after the new year. 

There are various reasons why some digital currencies lost a lot of their value, and one of them is Russia’s central bank proposition to ban the usage and mining of crypto. This decision may not seem that important, but Russia is known as one of the most important places in the world when it comes down to mining digital currencies. Consequently, even the slightest corrects will inevitably affect the market. 

In addition to Russia’s intentions, the US Federal Reserve also had a role because it may remove the economic stimulus shorty. All of those things “helped” digital currencies, as well as the stock market, to drop a lot, which inevitably had an effect on online punters. Despite the many advantages, such as the fact that bettors can stay anonymous, once they check SilentBet’s list with crypto casino sites, many prefer one of the standard payment solutions, such as an e-wallet. 

The future 

The fact that digital currencies lost a lot of their value may shock some online punters, but those with more experience are not surprised. Bitcoin, Dogecoin, Cardano, Litecoin, and every other cryptocurrency are known for their volatility and massive price drops. Fortunately, most options manage to recover and even become more valuable over time. It will be interesting to see whether history will repeat itself yet again.

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