iGaming Crypto Watch February 2023 – Check Out the Latest Crypto Prices!

Stay up to date each month with the latest Gaming Crypto Watch February 2023 update covering BTC, BCH, ETH, XRP, TRX, & LTC! (Image from kanchanara at unsplash.com)

Welcome back to the second monthly instalment of our iGaming crypto watch update where you can stay up to date with the current prices of many of the industry’s most popular cryptocurrencies!

There are currently many theories about where the crypto market is headed at the moment. Some analysts believe that market leaders, Bitcoin and Ethereum, have bottomed out, and, and this is the start of a new bull market… while others believe it to be a bearish pattern.

The American stock market appears to be at the end of a volatile session as inflation slowed down more than expected. Inflation was 9.1% last June and the current inflation rate is now 6.4%. Unfortunately, there is still a strong correlation between equities and digital assets and is tied to economic data.

The coming week(s) should indicate where the crypto market is headed, but because it is highly sensitive to economic data and possible changes in regulatory policies, investors need to be aware.

On February 23rd, key economic data, Jobless Claims and GDP figures (Consumer figures a day later), are to be released, and it remains to be seen how this will be received by the crypto market. If history is any indication, less than favourable data will cause a downturn and positive data will push up the market. In this week’s report, we’ll look at Bitcoin, Bitcoin Cash, Ethereum, Litecoin, TRON and Ripple and look at recent price movements and where they may be going in this unsettled market.

iGaming Crypto Watch February 2023: If you enjoy following the performance of cryptocurrencies, you might want to track back through our previous reports. Check out the Crypto Price Watch January 2023 and use this section in that post to find the report prior to that one.

iGaming Crypto Watch February 2023

Bitcoin (BTC) – Bitcoin made an incredible recovery from last November/December and is up over 45% since the beginning of the year. It is currently trading at $24, 552 USD, and if it is able to break through a crucial support level of $24,721 it could reach a 13-week high of $24,840. BTC needs to maintain levels above $21,700 USD or it could break down to $20,300 USD and trend downward to new lows. The next few days are crucial to see how BTC holds up but currently, the price is looking increasingly positive.

Bitcoin Cash (BCH) – Bitcoin Cash is currently at $134.25 USD with very little movement over the last 5 days. The stablecoin has traded sideways, with a 0.66% decrease during this period. Analysts predict that BCH is in a downtrend in February after considerable gains in January. Trading volume is down, which suggests that buyers have decreased, sellers have taken over and there is downward pressure on the coin. Resistance for BCH is $117.53 USD and if it reaches this level, the coin will continue to fall.

Litecoin (LTC) – Litecoin has enjoyed a massive rally from January 1st, up 36% and hit $100 USD at the beginning of February but has since come off. Although it remains in positive territory, the cryptocurrency has traded sideways for the last week. The cryptocurrency is currently trading at $101 USD and it is seeing resistance at $102 USD. Market analysts are very bullish on LTC and some have speculated a price level of $150 USD in 2023.

TRON (TRX) – While many digital assets are floundering because of regulatory issues and the fallout from macroeconomic data, TRX pricing continues to rise. The cryptocurrency has benefited from positive market news, such as Binance’s decision to reduce withdrawal costs and simplify platform transactions. The founder of TRX has also promised advanced changes to the chain, which would grow the network. TRON is up 8% in the last week and is in positive territory over the last year at 2.4%. Current pricing is $0.070 USD.

Ripple (XRP) – The ongoing court case between XRP and the SEC continues to affect the price levels of this cryptocurrency. A ruling is expected by the end of March, as to whether Ripple Labs sold unregistered securities in the market. The company hit $0.43 USD, a yearly high in January and is currently priced at $0.40 USD. A majority of analysts believe that if XRP wins the court case, the price could hit $1.0 USD by 2025 and one very optimistic firm is targeting a price level of $5.0 USD. They justify the price on Ripple winning the court case and a huge win for the entire cryptocurrency industry.

Ethereum (ETH) – Ethereum peaked a week ago at $1,688 USD and at the time of writing was at 1,689.31 USD. Bullish analysts believe that the decrease in exchange reserves, indicates less selling by investors. Also, future contract transactions were almost $300m, a 3-month high. Opposing analysts surmise that the bulls target of $1,700 USD is unattainable in the current market and ETH faces a hostile regulatory environment and how whales/market makers view the cryptocurrency.

Disclaimer: Please do not use this report alone to make a decision on crypto investment. The idea is to give you an overview of popular digital currencies used for online gambling. For investment advice, the best place to look is a crypto portal that can advise you on the best way to invest your money.