The crypto market has taken an unpleasant flip, however digital property nonetheless stay interesting to crypto buyers and the crypto curious.
According to a brand new survey of U.S. crypto users and potential users from Bank of America Global Research, 91% of respondents mentioned they intend to buy cryptocurrencies within the next six months regardless of a pointy decline in costs.
The identical quantity of respondents additionally reported buying cash and different digital property over the previous six months.
The survey contains responses from 1,013 contributors and was performed by BofA within the first week of June, earlier than the newest washout in crypto markets seen in the previous couple of days.
Most respondents had been new to the house and reported small balances. Nearly half of users mentioned they didn’t personal crypto however plan to buy digital property within the close to future, and essentially the most generally reported transaction dimension for each buys and sells was beneath $25.
Those who reported proudly owning cryptocurrencies listed worth appreciation, portfolio diversification, and curiosity in know-how and being half of a group as key causes for holding.
Paypal (PYPL) and Coinbase (COIN) had been essentially the most extensively used exchanges, BofA discovered, with 53% and 46% of folks utilizing these platforms, respectively.
Coinbase, nevertheless, was listed as essentially the most most popular alternate amongst all users, and 47% of current crypto users listed the platform as their favourite amongst all companies. For users who hadn’t but bought crypto however plan to over the next six months, PayPal was listed as essentially the most most popular service.
Block’s Cash App (SQ), Robinhood (HOOD), and Crypto.com rounded out the highest 5 exchanges for each current and potential users.
Among current crypto buyers, 75% mentioned they owned Bitcoin (BTC-USD) whereas 44% mentioned they owned Ethereum (ETH-USD). About 1 / 4 of current crypto buyers — 26% — mentioned they owned meme cash corresponding to Dogecoin (DOGE-USD) or Shiba Inu (SHIB-USD).
For current crypto buyers, “I think the price will go up” was cited as the most well-liked motive for investing in cryptocurrencies.
This reported curiosity in crypto comes amid a deepening sell-off within the house as buyers brace for aggressive motion from the Federal Reserve to battle inflation.
Bitcoin, the most important digital cryptocurrency, prolonged its slide Tuesday to dip under $22,000, its lowest worth stage since 2020. Meanwhile, Ethereum — the second-largest digital coin — fell beneath its 2018 peak worth of $1,396 and was buying and selling under $1,200 Tuesday morning.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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