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The world's largest cryptocurrency Bitcoin fell around 8% in a matter of hours following a sharp rise Wednesday.
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Bitcoin and other cryptocurrencies account for nearly 70% of all online gambling transactions in restrictive markets including the US and many European nations. Bitcoin payouts are now taking as little as an hour at some online gambling sites.
Bitcoin fell below $12,138.37 shortly after 11:00 EDT after hitting $13,175.69 earlier in the day.
From Forbes:
When explaining these latest fluctuations, analysts pointed to profit taking, claiming that variables such as leverage amplified the digital asset's losses.
"The market has risen a lot," emphasized Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare.
- Aaron Goldstein, Gambling911.com
