iGaming Crypto Watch May 2023 – Uncertainty in the Crypto Markets?

Stay up-to-date with iGaming Crypto Watch in May 2023 for the latest on Bitcoin, Ripple, Bitcoin, Cash, Litecoin, TRON, and Ethereum prices. (Image from kanchanara at unsplash.com)

Another monthly report here for all you crypto casino fans. Below, we delve into how the market is looking for many of the major casino-friendly cryptocurrencies.

Recent price fluctuations in the crypto market as a whole have been brought on by unforeseen macroeconomic headwinds and the effects of recent banking sector collapses in the United States. Cryptocurrency has seen wild ups and downs between 2022 and 2023 for a number of causes, including;

• US banking system in trouble
• The war between Russia and Ukraine and the resulting consequences
• Fears of inflation in developed nations
• Increasing interest rates in the US and the UK have created uncertainty
• Closing of important cryptocurrency exchanges like Bittrex in a highly regulated environment

The aforementioned factors caused the market price of crypto to fluctuate. Such unanticipated and back-to-back occurrences not only caused significant market sell-offs and panic selling, but also significantly influenced the mindset of investors.

Given its erratic nature, market experts are confident that the crypto market will exhibit a price rally at some point in the future, which could be weeks or months away. Crypto enthusiasts view the market as an investment option that contributes to portfolio diversification and has the potential to yield much higher returns than any other type of investment. However, one must understand the fundamentals before investing in crypto, but it remains a difficult sector, as macroeconomic factors continue to play havoc in this space.

This week will the crypto report on the price action of Bitcoin, BitCash, Litecoin, TRON, Ripple and Ethereum as we move into the month of May.

iGaming Crypto Watch: If you want to compare the current market with how it looked a month ago, then check out the iGaming Crypto Watch April 2023 update here.

iGaming Crypto Watch May 2023 Updates

Bitcoin (BTC) – The first day of May has seen BTC drop dramatically as it has had a relatively weak run in the last week. Although Bitcoin has since recovered almost 80% from the significant November crash of last year, when it was trading around $16,000–$18,000 USD levels, it has still lost nearly 50% of its value since hitting it’s all-time high of $68,000 USD in November 2021. As BTC dipped in the latter half of April, whales amassed 64k coins, depleting the BTC supply, possibly awaiting the May futures contracts. The dip could also be attributed to the FOMC meeting this week, where an interest rate hike of 25 points is expected. At the time of writing, Bitcoin was trading at $28,006.50 USD and looking to finish the day lower.

BitCash (BCH) – The price movement of BitCash over the most recent trading day is $118.17 USD, recovering slightly from its drop earlier at the open. Industry analysts feel that the low trading volume of this coin is vulnerable to market manipulation and may lead to lower lows in the coming week.

Litecoin (LTC) – Litecoin has lost almost 14% since the significant drop in price two weeks ago due to profit-taking after a week-long rally in price. It would appear that the bear investors are trying to push the price below $85 USD, which could trigger a sell-off to $75 USD. LTC has psychological resistance at $90 USD but if the coin breaks through this barrier, market analysts believe that the next feasible resistance level of $96 USD. If $96 USD is achieved, they believe a rally to $106 USD is obtainable in the coming weeks.

TRON (TRX) – TRON has done the opposite of its peers in the last week, gaining almost 6%. While TRX has offered many significant advancements in the crypto community (TRON Stake 2.0/Stake 2.0), it appears that development on the network has dropped off. Having said that, TRX continues to develop a space for innovative creators and artists. TRON has utilized compatible DeFi projects that attract crypto capitalists to invest in these unique enterprises. An example that sets it apart from its peers is the Delegated Proof of Stake (DPoS), in which users vote to delegate block validation rights, offering better scalability. TRX is currently trading at $0.068 USD and is just off a year-to-date high of $0.072 USD.

Ripple (XRP) – Ripple is stuck in a sideways movement at the moment. The altcoin is currently trading at $0.46 USD and seeing resistance at $0.50 USD. As XRP continues its legal battle with the SEC, investors should also focus on the Fed interest rate decision on May 3rd, the fallout from the First Republic Bank and recessionary considerations. Market analysts are currently bullish on XRP and some predictions are as high as $0.71 in 2023.

Ethereum (ETH) – After hitting a year-to-date high 2 weeks ago of $2.120 USD, Ethereum has come off almost 13% and is currently trading at $1,826.99 USD. Some market analysts say the outlook for ETH is weak as the Shanghai upgrade hasn’t sped up the ETH withdrawals on preferred platforms. This hasn’t stopped whales from trading ETH and recent data has an increase of 5.7% year on year. This buying action could put upward pressure on ETH, attracting more crypto investors.

Disclaimer: We do not proclaim to be cryptocurrency of financial experts and suggest you seek the advice of expert crypto websites if you’re looking for guidance on what to trade.