- Bitcoin has enjoyed widespread acceptance since its introduction 10 years ago
- Recent volatility resulted in a massive drop in Bitcoin price during Super Bowl LII
- Historical data indicates Sunday is the best day of the week to invest in Bitcoin
It’s been a tough year for Bitcoin investors, who have watched helplessly as the value of the popular cryptocurrency has tumbled by almost half since mid-November, and by approximately 80% since peaking at just under $20,000 back in late 2017.
While there looks to be little chance that Bitcoin will return to its lofty high anytime soon, good news could be in store for BTC investors on Super Sunday, with odds of the price of Bitcoin climbing during the Super Bowl pegged at -130 at Bovada.
What Will Happen to the Price of Bitcoin (BTC) During the Super Bowl?
|What Will Happen to the Price of Bitcoin (BTC) During the Super Bowl?||Odds at Bovada (01/23/19)|
|Bitcoin Price is More at Game’s End||-130|
|Bitcoin Price is Less at Game’s End||-110|
Bitcoin Defined the Cryptocurrency Market
The cryptocurrency market has been largely defined by Bitcoin since its introduction in January 2009, seven years after New England Patriots quarterback Tom Brady’s first Super Bowl victory.
Things that didn’t exist when Tom Brady played in his first Super Bowl:
— Jon Erlichman (@JonErlichman) January 21, 2019
Invented by an unknown person or group operating under the pseudonym “Satoshi Nakomoto”, Bitcoin is built on a cryptographic record-keeping technology known as a blockchain, and acts as a form of electronic cash that can be traded anonymously through peer-to-peer networks without the need for oversight by a central bank or other authority.
— Suresh Surenthiran (@sureshone) January 23, 2019
Bitcoin Boom Fizzled During Super Bowl LII
After enjoying modest increases in value over the first eight years of its existence, the value of Bitcoin skyrocketed in value in late 2017, attracting attention from mainstream investors and generating a buying frenzy. Those good times proved to be short lived, however, with the price of Bitcoin steadily tumbling as the calendar turned to 2018.
The decline was strengthened by news in early February 2018 that a number of US banks would refuse to support Bitcoin, while moves by China to ban the cryptocurrency fueled a massive drop of approximately $2,000 over the weekend of Super Bowl LII.
As U.S. banks like @jpmorgan, @BankofAmerica, and @Chase block all cryptocurrency transactions, I have to wonder who hasn’t yet gotten off the crazy train this round. Bitcoin is tanking on Super Bowl Sunday – here’s what happened. Via @BGR https://t.co/QEGIiEK1Fz
— Juan Gonzalez (@Kaelon) February 5, 2018
Bitcoin investors took a further beating in late 2018, with the cryptocurrency tumbling from approximately $6,500 to under $3,300 between early November and mid-December. However, Bitcoin has since shown signs of increased stability in recent weeks, with the price largely staying within 10% of $3,600.
Data Indicates Sunday as a Good Day to Buy Bitcoin
A decade’s worth of data also indicates that soft trading and dips in prices make Sunday an ideal day of the week to invest in Bitcoin.
What's the best day of the week to buy or sell Bitcoin? Analysis using @CoinMarketCap data.
— JCLetics (@jcletics) February 18, 2018
But as many investors and sports bettors have learned the hard way, past performance provides no guarantee of future results, making forecasting how the price of Bitcoin will change a risky business. And with volatility in the Bitcoin market expected to continue for the foreseeable future, a -110 wager on the price falling over the course of Super Bowl LIII provides plenty of value for the sports bettor ready to take the risk.