Forex Analysis & Reviews: 05.07.2022 - Number of active crypto...

05.07.2022 10:36 AM

Number of active crypto users drops by 50%

According to Bank of America, the number of active cryptocurrency users fell by 50% between its peak of one million in November and just 500,000 users in May.The bank cited internal data, pointing out that the decline began long before the massive selloff in June.Also, according to the bank's survey, negative sentiment towards crypto increased between April and June as the overall crypto market cap tumbled below $1 trillion following broad selloffs and the TerraUSD collapse.The survey of the US general population found that sentiment towards cryptocurrencies soured between April and June, with a rise from 21% to 30% in those saying they haven't invested and have no plans to do so. Relatively few people view crypto assets as a reliable long-term investment.The bank ran the survey in April and June with a sample size of just over 1,000 people each time.The 2022 crypto winter saw Bitcoin fall more than 70% from its November all-time highs.

Ethereum, the world's second-largest cryptocurrency, is down by 78% from its November all-time highs.

A Bank of America study notes that crypto assets comprise less than 1% of overall US household financial assets.

Given how much attention crypto has been getting over the past couple of years, a surprising statistic was that nearly 70% of the US population has not invested or is not interested in crypto.Negative headlines and the recent decline in crypto valuations appear to be having an impact, as there was a jump between April and June in the proportion of survey respondents saying they haven't invested in crypto and are not interested in doing so, as well as a decline in the proportion of the population who indicated that they use or invest in cryptocurrency and plan to continue.Between April and June, there was also a jump in respondents who had "very negative" reactions to cryptocurrency. At the same time, there was a decline in those who were positive.The BofA analysts noted that a drop in overall participation could hurt the crypto market. However, they are not ready to make any specific projections.

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