Crypto Blood Bath Not Deterring Players From Crypto Poker Rooms
Multiple poker rooms have started to offer cryptocurrencies as a mode of payment during the last few years as the cryptocurrency market started getting global exposure in 2018 due to the sudden spike in Bitcoin’s (BTC) value. The world’s most popular cryptocurrency shot up from $2,000 in Jan 2018 to over $20,000 by December 2018.
When BTC plunged back to $5,000 a few months later, lots of poker rooms who were thinking about embracing crypto decided to hold off. However, that did not last long as BTC once again skyrocketed and went up to $60,000 in April 2021.
Multiple crypto poker rooms have reported an increase in player transactions in recent months as poker players were keen on increasing their crypto earnings.
Crypto analysts were predicting that the bull market would come to an end nearing the end of 2021 and BTC would see a correction. However, they got their calculations wrong as BTC plunged to $36,000 this week and the entire crypto market witnessed a blood bath as multiple coins dropped by over 80 percent.
Elon Musk started it all as the billionaire’s negative tweet about bitcoin not being environmental friendly and consuming too much energy caused BTC to drop significantly.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
China made the market tank even more when it announced that it had instructed financial intuitions to no longer engage with cryptocurrencies.
The market slump caused millions of crypto investors to panic and sell quickly which also triggered another slide.
Crypto Poker Market Remains Steady
Most poker players that have been into crypto for more than a year, did not panic sell as they are now more experienced with the volatility of crypto poker rooms. They decided to hold on to their crypto and continue to play as usual at their favorite crypto poker rooms. None of the top crypto poker rooms reported any significant decline in player activity and crypto transactions.
Poker players who are into crypto realize that the market will bounce back sooner or later. BTC has since climbed past $41,000 at the time of this writing and a number of other popular cryptocurrencies including Etherum, Dogecoin, Litecoin and XRP are slowly recovering.
The crypto market dip also gave poker players a chance to increase their crypto portfolio which prepares them to play even more at crypto friendly poker rooms.