(Kitco News) The crypto bear market is directly impacting the still very new industry, with Bank of America reporting a more than 50% drop in the number of active crypto users between its peak of one million in November and just 500,000 users in May.
The bank cited internal data, pointing out that the decline began long before the massive selloff in June. Also, according to the bank's survey, negative sentiment towards crypto increased between April and June as the overall crypto market cap tumbled below $1 trillion following broad selloffs, contagion risks, and the TerraUSD collapse.
"The Bank of America survey of the U.S. general population found that sentiment towards cryptocurrencies soured between April and June, with a rise from 21% to 30% in those saying they haven't invested and have no plans to do so," the bank said. "Relatively few people view crypto assets as a reliable long-term investment."
The bank ran the survey in April and June with a sample size of just over 1,000...
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