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Price of Bitcoin Drops Thousands In Less Than 24 Hours
How to buy Bitcoin? It’s a question many Canadian online casino players have been asking themselves lately. And with the cryptocurrency skyrocketing to new heights daily, it’s an understandable sentiment. Just like an online casino jackpot, no one wants to miss out.
But as prices soared higher and higher, regulators and analysts alike began wondering if it all wasn’t just a huge speculation bubble. While many scoffed at the notion, a recent gigantic selloff is causing some people to begin questioning if they may have been right.
Bitcoin Value Drops Several Thousand Dollars
The selloff happened on December 22, and saw Bitcoin drop to around $11,000 — a loss of one-third of its value in a single day. And although there was a slight rally at the end of the downswing, the frenetic activity saw the price stabilize at $12,000 — a full 25% less than what it had been on Thursday.
Of course, those who had purchased Bitcoin before the start of this year are still making a handsome profit on their purchase. Overall, the price is up more than 1,000% since January. However, the increased volatility of such large absolute numbers is creating a larger and larger financial rollercoaster for those involved.
How Much Is Bitcoin Worth?
The value of Bitcoin has increased with its increasing appearance in the mainstream. One of those areas includes online casinos. Countless new rooms have started taking Bitcoin and other crypto currencies as acceptable deposit and withdrawal options over the last year. Today, many online casinos offer players banking options in the exact same way they do for fiat currencies.
But as volatility increases, it’s not entirely unfair to say that owning Bitcoin is nearly as much of a sweat as playing progressive slots. Already there have been stories of players winning Bitcoin jackpots, only to then see the value of their score fluctuate thousands or tens of thousands of dollars from one hour to the next.
Which begs the question: is Bitcoin worth it? For those who are adrenaline junkies, the answer is undoubtedly yes. However, if these massive price swings happen more frequently, the effect it might have on further adoption by online casino players remains to be seen.