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Will Bitcoin Drop During 2019 Super Bowl?

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The Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend.

Cryptocurrency is becoming more mainstream with Bitcoin still at the forefront. It’s become so mainstream that even sports fans are taking note of it and use cryptocurrency to bet on different sporting events including one of the biggest sports of the year: the Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend. Let’s take a look a short look at Bitcoin’s historical performance and why betting on Super Bowl 2019 weekend may be the next hot thing to do.

 

Bitcoin’s Crash in Early 2018

Recall, that the year 2017 saw quite a few coins gaining ground along with the price. The most notable increase is Bitcoin reaching a price of $17,783,06 on December 17, 2017. For many Bitcoin evangelists and supporters, this was seen as a significant step forward for the cryptocurrency. To understand why they would feel this way, remember that Bitcoin has been the leader in the cryptocurrency market since its introduction as the first cryptocurrency in 2009.

As a part of this huge price spike, a buying frenzy ensued with just about everyone wanting to get involved with Bitcoin. Unfortunately, this frenzy and the upward trend didn’t continue in 2018. Within one month into 2018, the currency lost about $80 million in market cap. Oddly enough this happened right around the Super Bowl. It’s quite a coincidence, but let’s talk more about that in a moment. For now, let’s focus on what were the leading factors causing this rapid drop off.

We must always take into account that digital currencies are volatile. Bearing that in mind, other factors that would contribute to this decline are:

  1. Facebook’s refusal to support ICOs and cryptocurrency ads,
  2. Indian Ministers incorrect reporting
  3. Subpoenas against the two largest exchanges Bitfenix and Tether.
  4. US Bank’s refusal to support Bitcoin in February 2018

 

Of all of these four potential factors, the US Banks’ refusal is probably the most significant of them. The reason being the US Banks’ refusal significant is that this occurred over the Super Bowl 2018 weekend. As a result of this news, the price fell more than $2,000. That’s quite a sharp drop off in 2 days. Such a sharp drop seems to suggest there is a potential correlation between the Super Bowl weekend and the Bitcoin price.

 

Bitcoin’s performance during 2018

After this significant sell-off during the first part of 2018, the price seemed to stabilize at around $6,400 during fall 2018. At the same time, Ripple (XRP) and Ether gained substantially and battled to become the world’s second largest cryptocurrency. This means that at these currencies were growing; Bitcoin remained relatively stagnant. The price stabilization during Fall 2018 still gives some Bitcoin investors about the future growth and health of the currency. They are still interested in holding on their coin.

 

What about Bitcoin’s fate during Super Bowl 2019?

There is a common sentiment that Bitcoin stands to lose during the 2019 Super Bowl. Recall that news of the US Banks’ refusal to work with Bitcoin came out during the Super Bowl weekend. That doesn’t bode well for cryptocurrency holders when they are thinking about using cryptocurrency to buy their Super Bowl tickets.

Now if we fast forward to 2019, there is a similar sentiment that Bitcoin will fall during the Super Bowl weekend. Two reasons may be as follows: past performance is an indicator for the future as well as an exciting trend showing Sundays as the best times to trade cryptocurrency. In case of curiosity, this Sunday trend came to light after nearly a decade of trading.

 

What does all this mean for sports betters?

The easy answer is that betters have an opportunity to not only bet on their favorite team winning the Super Bowl but also on whether Bitcoin will fall on Super Bowl weekend. It’s a chance to double down and earn twice as much coin. Let’s take a step further for one moment.

In general, the 2018 cryptocurrency has been somewhat bearish. As we’ve noted, Bitcoin has not done particularly well. And, the altcoins haven’t done particularly well either with Ethereum dropping more than 90%. This means that betting on Bitcoin on online sportsbooks like 1xBit provides a solution to increase the value of a player’s cryptocurrency with a reasonably good chance to do it.

Sports betting will always be there. But, now there is an added opportunity. As sports betting revolutionizing to a more online, digital environment, one can capitalize on this opportunity with adding the dimension of betting on Bitcoin. And, the chances of winning seem to be favorable for Super Bowl 2019.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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