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Bitcoin’s Value Stutters, Causing Concern Amongst Gamblers

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Bitcoin Wobbles Once More, Causing Gamblers Headaches

If you’ve read any of our guides and blogs before, you’ll know that we often speak of “double gambling” when it comes to bitcoin. The cryptocurrency (and most others like it) are so volatile that you may feel as though you’re not just gambling on casino games but gambling with the value of your bitcoin or altcoin. Whenever the cryptocurrencies value takes a stumble, however brief, you’re reminded of this reality. This is exactly what happened this week, as some estimates claim to have seen BTC lose as much as $5,000 in value in a day.

What Happened?

Bitcoin’s value dropped 6.4% to a low of $58,132 this week. Admittedly, that’s the lowest it has been for a fortnight, but overall, the cryptocurrency was gaining value until October 20, when it reached a height of $66,976.

The Drama!

According to several sources, Bitcoin investors are in for a bumpy ride. Shortly after the dip, CNN immediately published an article claiming that cryptocurrency investors should view the most recent fluctuation as a warning against investing. However, while CNN focuses largely on how bitcoin investment may be in decline (in the long-term), some of the UK’s tabloid press were bringing apocalyptic predictions to the forefront. According to The Sun, the “Flash Crash” wiped “hundreds of billions” from the market, causing a panic to sell. However, what really happened is simpler to explain than that.

The Reality

Every time bitcoin skyrockets in value (as it did last week when it reached the dizzy heights of $67,000), many investors consider selling high. This causes a bit of a flurry of sales, albeit a small one. After all, nobody is ever going to sell low, are they? This is the way of everything, and its impact on bitcoin’s total value in the long-term will be negligible.

Bitcoin isn’t the only cryptocurrency to suffer a momentary lapse in value. Ethereum also took a bit of a pounding a lost 7.5% itself. Dogecoin and Solana saw smaller but still notable decreases in value. Bitcoin has been through bigger periods of volatility than this. You only need to go back to April and July, when it was worth just over thirty grand following another epic drop. Bitcoin often dips and then recovers. The reality is that the most recent dip isn’t anything to worry over. Bitcoin will merely take a week or so to recover, and as soon as investors (and gamblers) have analysed the situation and calmed down, we have every confidence that the value will start climbing once more.

So, What’s Next for Bitcoin Betting?

Nothing, really. Bitcoin bettors needn’t panic. In all likelihood, the value of bitcoin will hover around the $55,000 – $60,000 mark for a few days or weeks. Once the mad rush to “sell high” has subsided, the cryptocurrency will once again start climbing, as it has done throughout much of its history. While there may indeed (in many years) come a point when it no longer gains in value (and subsequently becomes uninvestable and crashes), we can assure you that this won’t be at any point soon, so feel free to gamble with BTC to your heart’s content.

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