Bank of America: The number of cryptocurrency users has decreased by more than 50%

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According to data from Bank Of America, the number of active crypto users is down more than 50% from its peak in November last year.

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The American financial conglomerate Bank Of America has published a report saying that the number of active users of cryptocurrencies has decreased from about 1 million in November to 500,000 today.

The number of users making cryptocurrency transactions for the first time has also decreased. So, in May, the bank had about 33,000 customers who made a transaction with cryptocurrencies for the first time, which is 87% less than in October last year – then the figure was 267,000 users.

“According to our data, outflows from crypto platforms have also declined sharply and are now equal to inflows, indicating that consumers are reducing their investment in crypto platforms. In dollar terms, outflows peaked from about $2.9 billion at the end of 2021 to $1 billion in May 2022,” the report said.

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At the same time, Bank Of America noted that consumer interest in digital assets is still at a fairly high level: cryptocurrency platforms are replenished with new users, although not at the same rate as last fall.

Earlier, bank analyst Jason Kupferberg spoke about the results of a survey conducted by the company, according to which almost 90% of Americans intend to buy cryptocurrency in the near future.

Source: Bits

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