Bitcoin Enjoys Bullish Conditions and Pushes Towards $11,000

Sunday, August 4, 2019 1:53 PM UTC

Sunday, Aug. 4, 2019 1:53 PM UTC

Bitcoin has gained more than $1,300 in value over the past week and a return to bullish conditions spells good news for sports bettors.
<div><p>Wagering in Bitcoin allows bettors to benefit from quicker transactions, increased security, reduced fees and anonymity, so several sportsbooks have made it central to their offerings. The downside is its volatility, as winning margins can be eroded in the time it takes for a ball game to end and a bet to be settled. Yet that has not been an issue over the past week, as BTC has been on a steady upward curve once more.</p><p>The popular cryptocurrency went on a tear during the first half of 2019, much to the delight of sports bettors. It went from $3,700 on January 1 to $12,600 in July. However, the entire crypto market took a pounding as a result of the US Senate hearings on Facebook’s Libra project. That caused a number of prominent public figures, including President Trump, to criticize the crypto movement. BTC caught a blowback and that sent its value tumbling.</p><p>However, it seems to have been a mere temporary setback in what has been an extremely strong year for Bitcoin. The bulls regained the initiative this week and pushed defiantly towards $11,000. BTC went from below $9,500 last Saturday to $10,820 this weekend, totally cancelling out the correction seen the previous week.</p><p>Steve Bannon defied the president by going on record to say that he sees a golden future for Bitcoin this week. He revealed that he had enough “courage” and “foresight” to buy it when it went “all the way down” last year, losing more than 75% of its value during 2018. “Cryptocurrencies have a big future,” said Bannon. “They could be a very important part going forward, particularly in this global populist revolt. The central banks and actually the banking community want to get in and regulate crypto. They want to still stick to fiat currency.” He added that China and countries in Africa and Asia will increasingly use crypto to “get off the reserve currency of the dollar”.</p><p>Bitcoin did suffer a blow when Apple announced that its new credit card will not allow users to purchase cryptocurrencies when it launches next month, but on the whole the news has been positive this week. That has helped drive a strong performance. More than 85% of the finite BTC supply has now been seized and scarcity will soon kick in, so many sports fans are busy building up their portfolios. Betting in Bitcoin allows you to wager in a secure fashion without worrying about identity theft, fraud, credit card charges and lengthy waiting times for withdrawals, and its value looks set to continue increasing in the short-term, so it is sure to be popular with sports bettors for the rest of 2019.</p></div>
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