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Poll: Bitcoin drawdown did not scare investors away

Despite the recent aggressive sell-off on the crypto market, which has significantly reduced the size of its capitalization, investors have not lost their optimism.

According to a study by cryptocurrency broker Voyager Digital, almost 90% of survey participants plan to increase investments in digital currencies in the next quarter. It is noteworthy that the answers of 3,671 respondents cover the end of last month, when the bitcoin rate experienced a large-scale drop.

Calm, only calm

The May drawdown of the world’s main cryptocurrency was triggered by a news background unfavorable for BTC. So, the Chinese authorities began to tighten the screws in the segment of digital currencies and their mining in the country, which is why the “circles on the water” went far beyond the borders of the Celestial Empire. As tax season approaches, lawmakers in the United States have also intensified.

In addition, market volatility has been exacerbated by the unexpected highlight of Bitcoin’s sustainability. The catalyst for these events was the head of Tesla, Elon Musk, who said that the company would no longer accept bitcoin for payment, since cryptocurrency mining is harmful to the environment.

As a result, the increased uncertainty in the crypto market cost him almost 43% of the total capitalization loss in just two weeks. And yet, seven out of ten investors surveyed remained optimistic when asked about the BTC price over the next three months.

According to the survey results, 39% of respondents expect bitcoin to grow by the end of the 3rd quarter in the range of $ 56,000 – $ 70,000. Another 28% of respondents predict that the price will be trading between $ 41,000 and $ 55,000 by this time.

At the time of writing, the BTC rate was over $ 40,000, with the market recently hitting a local high above $ 41,000.

As Voyager CEO Steve Ehrlich commented, such optimism after the recent correction in the crypto market is very encouraging, instilling hopes for a bright future for digital currencies. He added that many investors took advantage of the May volatility to buy more crypto assets.

Interest in altcoins

In addition, the results of the study demonstrated investor interest in altcoins. The most attractive coin for them was the Cardano coin – 55% of respondents show a bullish attitude towards it. As a reminder, the first smart contract was successfully launched on Alonzo, Cardano’s testnet, last week. This is expected to bring the competitiveness of the project to a new level.

In second place in popularity among investors is the Dogecoin meme coin, although its similar indicator was only 11%.

The survey participants were also optimistic about the Bitcoin ETF, applications for which the US Securities and Exchange Commission (SEC) still continues to leave unanswered. Over nine out of ten respondents expect the SEC to approve the first Bitcoin ETF this year.

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