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The FTX scandal affected the entire crypto industry, making BTC fall to the $15,000 region, as well as sending FTX’s token, $FTT, to the ground just like what happened with LUNA some months ago.
This complex situation has scared new and existing investors from investing more money, and the effects of this scandal have hit other companies such as Alameda Research, Grayscale and Gemini.
This catastrophic effect is far from being over, and this time, we’re going to focus on the effects of the FTX scandal on the crypto gambling sector. Has it diminished the interested on rapidly-growing platforms such as the best CSGO gambling sites and crypto casinos? From researching the Rollbit promo code on CSGORadar.com you can see that platforms are pushing more bonuses and promotions to attempt further acceleration, read more about this here.
The FTX Scandal Has Affected Blockchain Projects Focused on Gambling
Surprisingly not, such a Black Swan event has plummeted the prices of all the blockchain products focused on gambling. Here you have a few examples:
- FUNToken (FUN): -14.71%
- WINk (WIN): -12.50%
- Revain (REV): -23.97%
- Decentral Games (DG): -15.10%
And since BTC is not showing signs of recovery, and with other upcoming scandals such as Gemini’s debt and the potential collapse of Grayscale, we can expect the entire crypto market to drop even further.
Even though this article is about the effects of the FTX disaster on crypto casinos, if you want to invest in crypto tokens, we’d advise you to wait for a while. Because this downtrend is far from over. There’s a lot more to come.
We are talking about the effects on crypto gambling from the perspective of the prices of the main gambling tokens. But has this really affected the popularity of crypto gambling platforms? Let’s see what has happened.
Has It Really Affected the Popularity of Crypto Casinos?
Since most of these platforms, be it CSGO gambling sites or casinos that support crypto payments, only use cryptocurrencies as a form of payment, their popularity has not decreased significantly.
Crypto gambling is here to stay
Most gamblers still resort to BTC, ETH, LTC and USDT for depositing at esports and crypto casinos, and these cryptocurrencies - especially BTC - are here to stay for the long run. The collapse of a scammy exchange won’t mark the end of cryptocurrencies, and when we talk about crypto gambling, it’s one of the least affected segments.
Gambling has been around us a lot of time before cryptocurrencies, because these platforms simply use cryptocurrencies as a payment method. And certain bits of blockchain tech, such as Provably Fair, which are isolated from the scandals of the crypto space.
Not only cryptocurrencies
Even though these platforms support cryptocurrencies, they have other deposit/withdrawal methods such as skins and items from the main esports such as CS:GO, Dota 2 and Rust. So, if some people are scared of using cryptocurrencies after the FTX scandal, they can simply resort to using skins/items for their gambling. As simple as that.
But if we check the on-chain activity in regards to deposits and withdrawals on the main crypto casinos and gambling platforms, we’ll find out that the volume hasn’t been altered significantly. Because this activity is practically indifferent to the current state of the crypto market.
Enough incentives to keep growing
Crypto gambling platforms have plenty of incentives to keep growing, such as free money bonuses. Exactly what you read: promo codes that will bring you access to free money that you can use to bet a wide variety of games, and even match betting.
Since most of these sites use Provably Fair technology, they are 100% random and fair. Another incentive that fuels their growing popularity, because we all want a fair platform to play on.
A word of warning
With so much chaos in the crypto space, you shouldn’t keep big amounts of cryptocurrencies on exchanges (yes, that includes Binance). Always keep them in a wallet that you own, so you can have full control and avoid losing thousands of dollars to another Black Swan event like the collapse of FTX.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.