On 9 September, amid a weaker US dollar and rising equities, Bitcoin once again reached the $20,000 mark and went higher despite an established bearish trend. The good news also applies to altcoin markets in the run-up to Ethereum’s impending transition to a new consensus mechanism. The total value of the crypto industry has once again surpassed $1 trillion, which is good news for the ever-growing crypto community.
As a reminder, introduced in 2009, Bitcoin is the world’s first cryptocurrency. Called digital gold, it reached its peak price in the autumn of 2021. However, it has fallen significantly over the past few months due to unfavourable factors in the global economy. Powered by blockchain, Bitcoin is now accepted by many companies as a means of payment. One of the biggest markets where cryptocurrency shines is online gambling. With websites like SlotV, iGaming has always been at the forefront of innovation, so it’s no surprise that Bitcoin has penetrated this market more than any other. The rise in the value of digital coin is likely to increase the appeal of BTC as a payment instrument in online casinos.
Bitcoin and many altcoins are known to have close links to US markets. On Thursday, stock indices closed with a rise followed by a rise in futures the following day. Trading in the $18,000-22,000 range over the past few months, BTC quickly rose in value. According to a spokesperson for the cryptocurrency exchange Luno, the slight rise could be followed by an even bigger decline. However, inflation could cool off as a result of the upcoming Ethereum network refresh.
Cryptocurrency continues to prove how risky an asset it is. The current value of BTC is only about 40% of its peak value and the market remains volatile. Another recent development is the sanctions imposed by the Treasury Department on Tornado Cash. Representing a mixer for hiding cryptocurrency transaction data, Tornado Cash is an open-source platform. According to the crypto community, the Treasury Department has taken a step that could set a dangerous legal precedent, negatively impacting the crypto industry as a whole.