Crypto Investors Are Hopeful For Price Rebounds By The End Of The Year

For months, cryptocurrency markets have been range bound and low volatile, but many investors are hopeful that things will turn around before the year is over.

The results of Bloomberg’s most recent MLIV Pulse survey of cryptocurrency market participants were made public on October 24.

When opinion was decidedly bearish in July, the outlet conducted a survey of a similar nature. The situation has slightly improved since then, but the sideways trading in cryptocurrency prices that began in mid-June has not ended.

With an upper price limit of roughly $25,000, about half of the respondents predicted that the Bitcoin consolidation would last until the end of this year. In contrast, the majority in Q2 believed Bitcoin would decline to $10,000 before rising to $30,000. Neither has taken place (yet).

This year, the cryptocurrency markets have exhibited a strong correlation with risky assets like tech stocks. 43% of respondents polled stated they would be increasing their purchases of digital assets, and 42% believed that this association would persist over the upcoming year.

Regulations are beneficial – Crypto Investors

In spite of the escalating crypto winter and the bleak regulatory outlook, 60% of the 564 survey participants said they thought the most recent legal action was good for the sector and asset class.

In the wake of this year’s bankruptcies, financial watchdogs have started tightening down and looking into cryptocurrency firms like Three Arrows, Voyager Digital, and Celsius.

When there is more enforcement, about 65% of retail investors claimed they are more likely to invest in cryptocurrencies. For institutional investors, the percentage was 56%, indicating a generally favorable attitude toward regulation.

When it comes to advancing with a framework, the U.S. is still lagging behind. Jim Himes and other congressmen have made suggestions that nothing will likely be on the table until at least mid-2023. The midterm elections taking place next month are a bigger priority for policymakers, though cryptocurrency supporters might have an impact there.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News