iGaming Crypto Watch February 2024 - A choppy month for crypto!

Crypto Report for Casino Players (February 2024)

Bitcoin dipped 2.5% after Fed kept rates unchanged, dashing hopes of a March cut. Analyst warns more pullback likely for stocks & BTC. (Image from Pierre Borthiry at unsplash.com)

Welcome back to month 2 of the Casinoplusbonus crypto update designed for our cryptocurrency casino players who are looking for quick update on the current market.

The price of Bitcoin dipped 2.5% after the Fed pressed pause on interest rates and dampened any hope of rate cuts next month.

After the US Federal Reserve decided to keep interest rates unchanged and dashed hopes of a potential rate cut in March, Bitcoin fell on January 31. This led one analyst to predict trouble for both US stocks and BTC.

Interest rates will remain between 5.25% and 5.50%, the Federal Reserve (Fed) announced during its January 31 FOMC press conference. The Fed also stated that it would require “greater confidence” that inflation pressures had been addressed before reducing rates.

According to a prominent market analyst, the Fed’s hawkish stance could be problematic for risk assets like Bitcoin and U.S. equities.

His firm stated that they anticipate a further pullback in U.S. equities in coming sessions, which will weigh on other risk assets, including Bitcoin unless earnings reports from Apple, Amazon, and Meta are above market predictions.

Following the FOMC announcement, the price of Bitcoin dropped by slightly more than 2.2%, although it is still up 7% for the week. The Fed said that recent data suggested a ‘solid’ economic expansion, citing the creation of new jobs and a decline in the unemployment rate as signs of strength. Despite the fact that inflation has decreased over the past year, the Fed maintained its hawkish stance, stating that rate cuts are still unlikely.

Rate reductions are frequently viewed favorably for risky assets like tech stocks and cryptocurrencies. When the Federal Reserve lowers interest rates, borrowing money becomes more affordable, which boosts the economy’s overall spending and risk-taking. Even though inflation has decreased over the past year, the Fed maintained its contentious stance, stating that rate cuts are still unlikely.

This report will look at Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple, and Ethereum, examine their price movements over the past month, and see where they may be headed.

iGaming Crypto Watch: See January’s report, our first cryptocurrency update of 2024 for previous prices – iGaming Crypto Watch January 2024 published on 5 January 2024.

iGaming Crypto Watch February 2024 Updates

For this report, we’ll keep in historical and look at prices from each crypto’s opening prices at the beginning of 2023 and 2024 so you have a wider scope on gains or losses.

Bitcoin (BTC) – Bitcoin broke the psychological price barrier of 45K USD last month but has been in a steady decline since then. The retreat seems to be due to several factors. The main one is the FOMC has decided to leave interest rates as they are. Furthermore, outflows from Greyscale BTC Trust and concerns about the potential release of BTC from the defunct Mt. Gox exchange, plus the U.S. government announcement on January 26th that they will auction off 2,934 BTC. BTC is currently trading at 42,990 USD and some analysts have stated that the price could drop to below 40k before the halving event, expected in April 2024. BTC is by far the most popular crypto used in online casinos today, and as such, we have a dedicated guide to Bitcoin Casinos here.