Cryptocurrency exchanges

Cryptocurrency winter does not affect investors’ interest: in 2023, more than 50 percent

Despite the turmoil the cryptocurrency sector has been experiencing for months now and the central bank’s warning that interest rates will continue to rise, investor interest in this type of digital asset has not waned.

This can be judged from the survey conducted by PYMNTS in August, the results of which show this about 56 percent of users they show some interest in buying cryptocurrencies next year.

For younger investors — millennials and Gen Z — that number drops slightly. Almost 42% of the former see it as likely or very likely to buy cryptocurrencies in 2023. Meanwhile, only 26% of investors born after 1995 plan to do so. CNBC.

This interest is partly fueled by opportunity to earn money (50%) and him the famous fear of missing out who represent (about 15 percent). Additionally, approximately 40% of 18- to 35-year-olds plan to use one of these digital assets to pay for goods and services this year, according to Checkout.com’s Demystifying Crypto report. Moreover, many are optimistic about its adoption in the future.

However, the risks associated with investing in cryptocurrencies are still very real, as evidenced bitcoin fluctuations in just one week. Because Jerome Powell will announce at the Jackson Hole conclave that the US Federal Reserve will continue will raise interest rates and keep them elevated for a while until the target of 2% inflation is reached, the main cryptocurrency came back and missed the $20,000 barrier several times.

Bitcoin, $11,000

Despite bitcoin’s attempts to recapture the levels reached before the crypto winter, there are those who believe it could still fall much further. Such is the case with Bendik Norheim Schei, head of research at cryptographic firm Arcane, who puts it at around 16,000 or even was $11,000.

While Schei notes that this is the first time a leading cryptocurrency has traded so low for so long, he also chooses to highlight the positive side of the current situation: still trading above 2017. In his view, this current high currently serves as a “firm support level,” according to Information.

While waiting for the cryptocurrency correction to end, the market is seeing that “money flows from risky assets. “Crypto follows a sharp correction in US stocks after Powell’s comments,” said Cici Lu, CEO of consultancy Venn Link Partners.

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Source: https://kucnews.com/business/bitcoin/cryptocurrency-winter-does-not-affect-investors-interest-in-2023-more-than-50-percent-96619.html

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