Following a strong showing in 2020, the Bitcoin 2021 outlook was somewhat promising. And the digital coin didn't either, as it hit an all-time high of around $65k in April this year.
But ever since the crash on May 19, Bitcoin price fell sharply by 30% to reach $30k. So, what's the reason behind the market plunge? Will cryptocurrency gambling survive this irrational year?
There has been plenty of negative vibes surrounding cryptocurrency since May 19. It all started when Tesla's CEO, Elon Musk, announced via Twitter that the electric car maker was suspending BTC payments. Speculation was even rife that Tesla had already sold its BTC stash worth $2.5 billion. After the announcement, Bitcoin's value fell by around 10%.
As if that wasn't enough for the struggling Bitcoin, China announced that it restricted its financial institutions from crypto businesses. In return, the coin value fell by another 7%. Since then, Bitcoin and other digital coins have had a roller-coaster ride.
Currently, crypto experts appear divided on the direction this digital coin will take in 2021. However, the latest price rebound by BTC has given hope to those who claim the market value might break the glass ceiling to hit $100k.
According to Pankaj Balani, CEO and Co-Founder at Delta Exchange, Bitcoin will start to grind higher and may hit the $45k levels in the coming days. But he doesn't believe that the market is entirely stable yet.
On the other hand, Previsioni Bitcoin forecasts that the market value could reach $48,605 by July/June's end. Christopher Brown of Faith Finance is even more optimistic, saying that Bitcoin could hit its record-breaking high by the end of June. Just remember that all these are just speculations as nothing is cast in stone.
As said, take the predictions above with a grain of salt. That's because the crypto industry is subject to massive volatility, which is, in fact, its main drawback. If you still doubt, check out the performance of this digital coin in the past couple of weeks. This is proof that a thick skin is necessary if you plan to play using crypto in your favorite online casino or invest in it.
At the time of writing, Bitcoin was getting a beating in the volatile market, maxing out at $39,133.21. That's approximately a 40% slump from the impressive figures posted in April 2021. Still, an increase is possible in the coming weeks, with most experts predicting $45 by the end of the month. So, there is a silver lining that BTC could reach the envisaged $100K this year.
Even with the current market slump, Bitcoin remains a worthy investment for any online casino player. That's because the strength of the currency is unmatched against physical currencies. In essence, the potential gains for both the players and operators are enormous.
For example, Bitcoin transactions enjoy the anonymity factor. Now this means winnings accrued from BTC transactions are not subject to taxation by authorities. Furthermore, cryptocurrency casinos operate in areas where online gambling is illegal. All in all, playing online casino games with digital coins is still a safe and lucrative option.
2021 has been one of the roughest years for the cryptocurrency industry. But if the market managed to wriggle out of the 2017 slump, which was even more severe, then you should remain bullish. You never know; Bitcoin might surpass the $100k mark by the end of the year.