Bitcoin has a good pre-Super Bowl week
Bitcoin (BTC) has had a welcomed good past week. Trading now at $275, the anonymous cryptocurrency sank as low as $209 on January 18.
Player hopes remain high that bitcoin will pick itself up from the canvas and continue to be a useful method for depositing and withdrawing from online sportsbooks.
Sportsbook Review reported approximately two weeks ago when bitcoin dropped below $200.
SBR readers commented that they were scrambling to withdraw funds held in bitcoin exclusive betting sites, such as Nitrogen Sports and Anonibet, though the latter has since announced support for USD balances.
The tactic of allowing bitcoin fans to choose to deposit and keep their balances in dollars while the market steadies is a good one, though time will tell on if bitcoin weathers the storm or fades into obscurity as an expired fad.
Last week worth of movement, credit to Coindesk.com:
For sports bettors, when bitcoin is steady, it's hard to beat. No dealing with the local convenience shop to send funds wasting time and dealing with transaction fees and other processor plagued issues, even Don Draper doesn't have to sell instant deposits and withdrawals. But when the going gets tough and bitcoin value has sharp and unexpected swings, sports bettors become more cautious as they are forced to gamble on the status of the currency as much as their sports picks.
Sportsbook Review released a bitcoin sportsbook guide earlier this fall.