Bank of America’s number of active crypto users has shrunk by more than half during the prolonged downturn in the markets.
Bitcoin price hovered at an all-time high (ATH) last November, while the bank’s number of active crypto users to more than 1 million people was corresponding. Bitcoin price 19,000 The number of crypto users of Bank of America these days is also at the dollar level. fell below 500 thousand people. Bitcoin this year 60% depreciation Referring to the bank manager, “in prices a serious decline” he stated.
Executive David TinsleyIn their report, the Bank of America Institute team, including “Crypto markets, sharp declines in digital currency prices and certain rocked by the collapse of stablecoins” said.
Bloomberg“Cryptocurrencies, like other risky assets, have suffered from a tight monetary policy environment in which the Federal Reserve and central banks raised interest rates to slow growth and curb rising prices. Market cap of cryptocurrencies approximate in November 2021 $3 trillion from the top under $1 trillion fell.” made a statement.
In this table, which shows the crypto money transaction data shared by Bank of America, it is revealed that the transaction volume has decreased in direct proportion to the markets.
Accompanied by these conditions, sentiment towards digital assets also dropped. Investing in the crypto sector between April and June, according to Bank of America data what they didn’t do and the proportion of those who say they do not plan to from 21% to 30%has risen.
According to the presented report, this deep decline in the cryptocurrency markets may not harm the wider American economy. Bank of America estimates that crypto assets account for total U.S. household financial assets. less than 1% He suggested that “comparatively few people consider cryptoassets a reliable and long-term investment.”