The Bitbuy Brief: Bitcoin and Basketball

Issue 139: Bitcoin and Basketball

June 17, 2021

Bitbuy Partners With CEBL To Pay Players In BTC

Big News! We’re excited to announce we’ve partnered with the Canadian Elite Basketball League to allow players to be paid a portion of their salaries in Bitcoin.

The partnership will be the first of its kind for any professional sports league in North America and, comes as the league is set to tip off its third season June 24.

Be sure to check out the press release to get all the details.

Read the entire press release>>

Weekly Market Update

Analysis: What’s the opposite of Alt season? BTC season? The overall market continued it’s choppy month of June, but BTC saw a modest 3.3% gain in the 7 day trading period. Most top 20 altcoins had 5% to 10% decreases. Spot volumes continue to trend well below 30 day averages

<<Click here for live crypto prices>>

Opinion: The State Of The Crypto Market

After reaching a new all-time high, bitcoin fell nearly 41%. With these frightening prices, many have begun to ask, is the crypto bull run over?

Let’s consider some conditions around the recent downturn. One of the most notable was driven by Tesla founder Elon Musk. After purchasing USD 1.5 billion in bitcoin and announcing that Tesla would accept bitcoin in exchange for its electric vehicles, a single tweet derailed the momentum. In his tweet, approximately a month and a half later, Elon Musk announced Tesla would no longer accept the digital currency. It was around the same time that China announced that payment organizations would be blocked from accepting bitcoin.

This came recently after many “brand new to crypto” new investors began purchasing bitcoin. According to one research group, this same group of investors that purchased in the last five months also made up most sellers, dropping the latest fear and greed index into “Extreme Fear.” This should come as no surprise as investing 101 often states, new investors must exercise caution against emotionally driven investments.

Weighing all of these factors, many industry analysts are still predicting a 6-digit bitcoin valuation in the medium term.

The main difference between this pullback and others is that previous bubbles were driven by cryptocurrency enthusiasts and retail investors. With the most recent wave of adoption, investment firms and tech companies also bought in and have since taken the hit.

A broader group of investors means that more stabilizing forces are at play. Although prices have been hovering at a significantly lower price, many savvy investors have been waiting for this dip to occur. New lower prices have made it possible for enthusiastic investors to continue to buy into crypto assets and for large investment funds to continue to diversify.

While it’s hard to say if the crypto bull run is over, another tweet from Musk and as of June 14, 2021 another 10.9% run was imminent, driving bitcoin to the highest price since May 18. I guess it’s true what they say, it’s not over until it’s over.

*This opinion piece is not investment advice, always do your own research.

New On Bitbuy Social Media

Looking for weekly bite size crypto news? We’ve partnered with crypto content creator John Dough to launch a weekly series breaking down the top stories of the week in a minute or less.

Follow us on Instagram, Twitter, or TikTok to see #FlashNewsFridays every Friday!

Other Headlines & News

Tanzania Considers Crypto—And Boosts Bitcoin—As Nations Line Up Behind El Salvador To Embrace Decentralized Finance – Forbes

Panama To Join El Salvador and Paraguay in Bitcoin Adoption – TheStreet

Goldman Sachs Expands Trading Desk to Ethereum as Interest in Crypto Grows – Yahoo! Finance

Porsche Digital Subsidiary Launches NFT Sports Collectibles Platform – Ledger Insights

UpOnly Podcast: Raoul Pal On The Inevitability of Crypto – YouTube