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Cryptocurrencies and esports: reshaping modern gambling

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Over the course of many centuries, gambling has proven to be very versatile and adaptive to innovations. Presently, it is going through the phase of transition from being reliant on brick-and-mortar casinos, with their limited capacity, regulatory issues, and inability to reach a broad audience, to running the operations solely on online platforms. The emergence of blockchain only incentivized the process of digitization of this industry. 

Cryptocurrencies are the next evolutionary step for gambling

While Bitcoin, the first and the most influential cryptocurrency that still exerts total dominance over all other coins, wasn’t created to serve the needs of the gambling industry specifically, it paved the way for other representatives of this space.

Projects like TRON and EOS are fundamentally designed to disrupt the world of gambling by providing it with such tech solutions as provably fair algorithms for casino games, decentralized gambling applications, and, of course, cryptocurrencies to fuel these ecosystems.

But in order to apprehend the benefits of a symbiosis between cryptocurrencies and the industry of gambling, it is necessary to understand what is crypto, how it works, and what it can bring to the table.

A cryptocurrency is a type of digital asset with strong cryptography features at its core, designed to eliminate the need for a trusted third party, such as banks, to confirm and/or carry out the financial transactions. But what makes crypto and gambling go together like peanut butter and jelly is the nearly total anonymity of digital currencies, the promptness and cheapness of transactions, and the substantially enhanced security. While traditional casinos demand plenty of sensitive information from gamblers (i.e., banking details, real name, date of birth), the crypto enthusiasts have to reveal nothing but public keys when making a deposit/withdrawals. The transactions usually take no longer than a few minutes and are carried out at an almost negligent fee.

These are the primary reasons why the industry is currently witnessing the emergence of all-for-crypto gambling platforms, such as 1xBit which accepts more than 30 cryptocurrencies, assures total anonymity through the provision of the one-click registration, effortless and low-cost deposits/withdrawals, and, of course, an abundance of casino games and sports betting opportunities.

1xBit places a particular emphasis on esports since this up-and-coming phenomenon represents another disruptive factor for the gambling industry that moves in parallel with the adoption of cryptocurrencies.

Esports make the grand entrance

For decades, video games have been considered as nothing more than a form of recreation. However, the rapid development of Internet technologies and the overall sophistication of online games, along with the acquisition of the global audience, had turned this form of activity into a fully-fledged sport. 

Nowadays, world championships in such disciplines as Dota 2, Counter-Strike: Global Offensive, and League of Legends draw millions of spectators from around the globe. The recognition of esports has reached such a level that the International Olympic Committee considers introducing esports to the official program of the 2024 Olympics in Paris. 

Such an unprecedented surge in popularity made esports one of the main destinations for tech-savvy online sports bettors who are well aware of the benefits that cryptocurrencies will bring to this space. The crypto-oriented platforms, particularly 1xBit, took on the task of being a meeting point for cryptocurrencies, esports, and betting. There is no doubt that this combination will shape the future of the gambling industry. 

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Bitcoin Is Looking at a Short-Term Bull Reversal if Prices Pass $7,400

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  • Bitcoin has created a hammer candle on the three-day chart, a warning of an impending bull reversal. However, a break above the candle’s high of $7,380 is needed to confirm the short-term trend change.
  • A move above $7,380 would activate twin bullish cues on the 4-hour chart and allow a rally to $8,000.
  • Acceptance below Monday’s low of $6,515 would imply a continuation of the sell-off from recent highs above $10,000.

Bitcoin needs to break above $7,380 to confirm a short-term bull reversal and invite stronger buying pressure, the three-day chart indicates.

Specifically, the top cryptocurrency by market value created a hammer candle in the three days to Nov. 26. A hammer candle, which comprises of a long lower shadow and a small upper body, means the three-day period began with pessimism, but ended on a more optimistic note.

Stepping back, the cryptocurrency ran into selling pressure near $7,350 on Nov. 24 and fell to six-month lows near $6,500 on the following day. The drop, however, was short-lived and prices quickly rose back to $7,380 before printing a UTC close at $7,159 on Nov. 26. The recovery from $6,500 to $7,159 represents the long lower shadow of the hammer and the spread between $7,350 and $7,159 represents the body.

While the pattern is considered a bullish signal, traders usually wait for confirmation in the form of strong follow-through, preferably a convincing move above the high of the hammer candle. That means a break above $7,380 is needed to confirm a bullish reversal and possibly lead to a stronger recovery rally.

BTC is changing hands at $6,917, representing a 2.4 percent drop on a 24-hour basis, after a sudden drop soon before press time.

Many in the investor community are associating the latest decline with confirmation of a $49 million crypto theft at the South Korean exchange Upbit. The exchange said large ether transfers had been made to an unknown wallet.

Popular analyst Joseph Young, however, believes the price drop seen in the last few minutes may not be driven by the Upbit news.

  • Bitcoin has created a hammer candle on the three-day chart, a warning of an impending bull reversal. However, a break above the candle’s high of $7,380 is needed to confirm the short-term trend change.
  • A move above $7,380 would activate twin bullish cues on the 4-hour chart and allow a rally to $8,000.
  • Acceptance below Monday’s low of $6,515 would imply a continuation of the sell-off from recent highs above $10,000.

Bitcoin needs to break above $7,380 to confirm a short-term bull reversal and invite stronger buying pressure, the three-day chart indicates.

Specifically, the top cryptocurrency by market value created a hammer candle in the three days to Nov. 26. A hammer candle, which comprises of a long lower shadow and a small upper body, means the three-day period began with pessimism, but ended on a more optimistic note.

Stepping back, the cryptocurrency ran into selling pressure near $7,350 on Nov. 24 and fell to six-month lows near $6,500 on the following day. The drop, however, was short-lived and prices quickly rose back to $7,380 before printing a UTC close at $7,159 on Nov. 26. The recovery from $6,500 to $7,159 represents the long lower shadow of the hammer and the spread between $7,350 and $7,159 represents the body.

While the pattern is considered a bullish signal, traders usually wait for confirmation in the form of strong follow-through, preferably a convincing move above the high of the hammer candle. That means a break above $7,380 is needed to confirm a bullish reversal and possibly lead to a stronger recovery rally.

BTC is changing hands at $6,917, representing a 2.4 percent drop on a 24-hour basis, after a sudden drop soon before press time.

Many in the investor community are associating the latest decline with confirmation of a $49 million crypto theft at the South Korean exchange Upbit. The exchange said large ether transfers had been made to an unknown wallet.

3-day chart

The long lower shadow attached to the hammer candle indicates seller exhaustion. If the current three-day candle ends (Friday, UTC) above $7,380, a bullish hammer reversal would be confirmed. That would open the doors to $8,000.

On the other hand, a close below the hammer’s low of $6,515 would imply a continuation of the sell-off from highs above $10,000.

4-hour chart

A move above $7,380 would activate twin bullish cues on the 4-hour chart: an upside break of the descending trendline and an inverse head-and-shoulders breakout on the line chart.

The latter would create room for a rally to $8,245 (target as per the measured move method).

That target looks possible, as the 14-day relative strength index is reporting oversold conditions with a below-30 reading.

Moreover, the location of the hammer candle is a good reason to believe a stronger bounce is in the offing.

A hammer candle represents bearish exhaustion, as noted earlier and gains credence when it appears following a notable price drop, which is the case here.

3-day chart

The long lower shadow attached to the hammer candle indicates seller exhaustion. If the current three-day candle ends (Friday, UTC) above $7,380, a bullish hammer reversal would be confirmed. That would open the doors to $8,000.

On the other hand, a close below the hammer’s low of $6,515 would imply a continuation of the sell-off from highs above $10,000.

4-hour chart

A move above $7,380 would activate twin bullish cues on the 4-hour chart: an upside break of the descending trendline and an inverse head-and-shoulders breakout on the line chart.

The latter would create room for a rally to $8,245 (target as per the measured move method).

That target looks possible, as the 14-day relative strength index is reporting oversold conditions with a below-30 reading.

Moreover, the location of the hammer candle is a good reason to believe a stronger bounce is in the offing.

A hammer candle represents bearish exhaustion, as noted earlier and gains credence when it appears following a notable price drop, which is the case here.

The pattern has appeared following a sell-off from $10,350 to $6,515. The candle loses its relevance at market tops and during consolidation.

source:coindesk

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