A survey by the Bank of America shows that the crypto market is still positive, despite the major recent decline. Still, Jason Kupferberg, an analyst at Bank of America, warns against a possible further decline and advises that some kind of consolidation is needed within the crypto market.
Interesting research results from survey on crypto use
The collapse of the crypto market in 2022 is one of the most significant events in the history of the crypto industry. It was the first time that the total market cap of crypto assets fell below $1 trillion. Despite the many losses that have occurred, some investors are still optimistic about the future.
The Bank of America conducted a survey in June. This survey gathered information about the current state of the crypto market and its potential users in the US. It found that over 90% of respondents would buy cryptocurrencies in the next six months.
Despite the various losses in the market, the cryptocurrency craze is far from over. The positive market sentiment means that the market is still emerging.
The percentage of people who said they bought cryptocurrencies in the past six months was similar to the figure reported in the survey. Most respondents are short-term investors, with over 75% reporting having held cryptocurrencies for less than a year.
In addition, 30% of respondents said they would not sell their cryptocurrencies in the next six months.
During an interview with CNBC, Jason Kupferberg, an analyst at Bank of America, said the research results were interesting because they showed positive sentiment in the market. However, Kupferberg noted that investors should be careful with the reports, as the sudden drop in the value of the FUD could cause the crypto market to fall even further.
I think today is an example of bad headlines and it wouldn’t be surprising to see another breakdown of crypto stock and the price of Bitcoin itself.
-Jason Kupferberg
