So, your crypto has tanked.
But it’s no time to panic!
If you can afford it, now’s the perfect time to buy more of your coin of choice.
In other words, as always, buy the dip.
Since you’re a sports bettor – and since you probably use at least some of your crypto to bet at legal online sportsbooks – you can use this ebb to your boost your flow.
Now, the best books only take a small selection of the top crypto coins, which is something you should consider.
That is, you’ll need to make sure you buy those coins which are actually accepted by the best sites in the business.
Naturally, of course, you’ll also want to invest in other coins that these sportsbooks don’t currently support, because diversity is a big part of maximizing your bankroll.
For example, Cardano is currently trading at $2.12 per ADA coin, which is nearly a dollar off its recent all-time high of $3.09. ADA is down 11.71% over the last week.
That’s an opportunity you don’t want to miss, even if the asset isn’t featured in the typical online sports betting banking suite (yet).
But back to betting:
If you’re looking to get more crypto with which to place your wagers, it’s time to build your stack.
Again, it’s time to buy the dip.
To help you decide which coin or coins to snatch up for that purpose, we’ve put together a quick overview of how each of the major sports betting cryptocurrencies are trending these last seven days (excepting Tether and USD Coin, which always remain pegged one-to-one to the US dollar).
The following numbers are current at the time of this writing:
- Bitcoin (BTC): -8.85%
- Bitcoin Cash (BCH): -14.79%
- Litecoin (LTC): -14.34%
- Ethereum (ETH): -11.27%
- Dogecoin (DOGE): -12.54%
- Ripple (XRP): -14.48%
- Stellar (XLM): -13.20%
- Chainlink (LINK): -19.31%
Going off the theory that all major crypto coins will pump back up to (and beyond) their previous highs despite whatever else happens in the world, you’ll want to buy up the coins that have fallen the most.
Just make sure your legal sportsbook site actually accepts the asset in question.
And don’t worry. We’ll make that easy for you, too.
For members at the following sites, we recommend the following crypto buys (provided you buy immediately). Our advice takes into account things like ease of purchase, native blockchain transaction fees, and processing times:
- Bovada – Bitcoin Cash, Litecoin
- BetOnline – Litecoin, Stellar, Chainlink
- MyBookie – Bitcoin Cash, Litecoin
- SportsBetting AG – Litecoin, Stellar
- Xbet – Bitcoin Cash, Litecoin
- BetUS – Bitcoin Cash, Litecoin
TL;DR: Buy and deposit in Litecoin, no matter which site you normally bet with. All sites also accept Bitcoin Cash, but BCH processes a bit more slowly than LTC and comes with slightly higher native fees. We also think Litecoin’s a better long-term investment. If you gamble exclusively at BetOnline, Chainlink – by virtue of seeing the biggest losses – could see the biggest short-term gains and is worth consideration.
So, what’s behind the current crypto downturn, anyway?
Honestly, that’s never an easy question to answer.
The cryptocurrency market is incredibly volatile (which is part of what makes it so attractive to gamblers of all stripes), and it commonly dips and spikes by 10% or more each day, regardless of the asset in question.
In other words, dips aren’t all that unusual.
But this one might be.
While we don’t expect it to last long (so buy the dip), the current drop-off is almost entirely attributable to the same forces that saw the stocks of various Las Vegas and Macau casinos take a dive last week.
In a word: Evergrande.
A week ago, the China Evergrande Group – the world’s largest real estate and property developer – announced that it was unlikely to meet its debt obligations.
For most companies, that’s bad enough.
But when your debt is over $300 billion, the down-market ramifications are downright catastrophic.
Evergrande’s statement led directly to a stock dump for several major international casino brands (though none of them is related to any of the dedicated online sportsbooks we recommend, which is just another feather in the cap for the decentralized online gambling industry), including Las Vegas Sands and Wynn Resorts.
Now, the trickle-down effect of the Evergrande disaster is affecting the crypto market.
Specifically, it’s affecting the Bitcoin market, as many major global enterprises have recently started taking BTC seriously as a legitimate investment opportunity.
And however Bitcoin goes, so goes the crypto market at large.
“Bitcoin is falling as fears of the Evergrande crisis sweep through global markets. …
Other cryptocurrencies are tumbling, too. …
Edward Moya, senior market analyst of the Americas at OANDA, said on Monday that Bitcoin was no different from other assets.
‘The fallout from the Evergrande is putting a tremendous dent in risk appetite that is sending everything lower,’ he wrote in a note to clients.
Moya noted that cryptocurrencies had performed well this year, ‘despite all the volatility.’
‘So it should not surprise Wall Street [that Bitcoin is] the first asset sold in the beginning of China-driven market selloff.’”
But for all the doom and gloom, crypto – and Bitcoin as its bellwether – has more staying power than traditional assets.
Many are eager to do what we always recommend.
That is, many are eager to buy the dip.
To that end, CNN continues:
“Others have taken the occasion to double down. Nayib Bukele, the president of El Salvador who is known for his bullish stance on [Bitcoin], tweeted Monday that ‘we just bought the dip.’
The country purchased 150 bitcoins, and now holds 700 coins, he added.”
What a boss.
And if you want to be a boss, too, it’s really simple:
Buy. The. Dip.