Bank of America reported a 50% decline of active cryptocurrency users.

og kush420

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Quote from: aioc on July 08, 2022, 09:50:30 AM

Quote from: mindrust on July 06, 2022, 10:49:27 AM

Big if true. But also very natural. That'!s what happens during the bear markets. Bitcoin and other crypto tanks, people speak of crypto no more and when they least expect it, bitcoin makes a huge jump and everybody talks about it again. Happened many times before and it will happen again. This is the accumulation phase. Don't let it go to a waste.

We still have many weak hands in our community, we can't blame them they are after quick profit, and easily leave Crypto when it's dipping then come back when it's pumping because they don't want to be left behind or they are in FOMO, old investors already have experienced these hundreds of times before, but these newbies never learn the value of the word HODL and having strong hands.

.... Everything looks so bleak this time and there is so much uncertainty that no one feels like believing anything.
Inflation is a huge burden on the people now - they have trouble buying important stuff what to talk of crypto

aioc

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Quote from: mindrust on July 06, 2022, 10:49:27 AM

Big if true. But also very natural. That'!s what happens during the bear markets. Bitcoin and other crypto tanks, people speak of crypto no more and when they least expect it, bitcoin makes a huge jump and everybody talks about it again. Happened many times before and it will happen again. This is the accumulation phase. Don't let it go to a waste.

We still have many weak hands in our community, we can't blame them they are after quick profit, and easily leave Crypto when it's dipping then come back when it's pumping because they don't want to be left behind or they are in FOMO, old investors already have experienced these hundreds of times before, but these newbies never learn the value of the word HODL and having strong hands.

lionheart78

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Quote from: Accardo on July 06, 2022, 10:45:52 AM

How possible could this be?

It is possible for some reason.

1. Bear Market pushes people to hold. Due to the uncertainty of the current market Bitcoin holders and traders may decide to hold passively and wait for the market to have a positive sentiment
2. Due to the market decline, possible new investors are hesitant to jump into the crypto market. And those who are shaken are already sold their holdings months ago thus they can't transact anymore.

Quote from: Accardo on July 06, 2022, 10:45:52 AM

Although we know, the cryptocurrency market is bearish now and people are withdrawing their funds as quickly as they could. But, not to such a number unless the LUNA deceased investors made up most of the stats. What do you think?

I don't think Luna holders even make up 3% of crypto holders. So Luna is out of the scenario. I am just thinking that many are holding cryptocurrency passively and new short-term investors are somehow hesitant due to the market condition.

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Quote from: 2stout on July 06, 2022, 10:37:08 PM

Wouldn't be surprising as this would be one of the result of clout and profit chasing crypto if so as weak hand get shaken down and out. And of course once things are 'rosey' again, you'll see the 100-150% increase in active users.

Yes, there were many new people who entered crypto when it was near its peak. The hype made these newbies investors make quick money and they invested in bitcoin blindly. These are the people who can handle this bear market or they do not have the capital to hold throughout this bear market. These were the weak hands who had no belief in the crypto future and it's good that money flows from the weak hands to the holders.

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Did anyone expect that it would be less or more if we talk about the percentage of those who are currently not interested in anything related to cryptocurrencies? In general, we can conclude that the majority invests only when we are in a bull market because they are caught by FOMO - now there is no great possibility of short-term profit and there is an opportunity for the famous BOA to announce some negative news when it comes to crypto.

For those who are not familiar with the past of this bank, I'll just say that they used to close every account they suspected of having something to do with cryptocurrencies - I'm not sure if anything has changed in that regard, but it's strange to me that they even report about such things.

enhu

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It's just the activity that is declining but once the market trend changes to bull, they'd deactivated and probably will soon be buying back the BTC and altcoins they once held. It's very natural to stop when the market is unpredictable. It's wise to just stop when you know you can't make money.

OcTradism

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50% is only a small one because bear market only started recent months and people still keep up their hope. Some left already but many still stay and hope.

If you know Coinbase spent $600 million to build up their NFT marketplace and now it has 4 ETH in trading volume each day on average. It is a big issue for Coinbase in this bear market. Their budget for development goes to void.

https://nft.coinbase.com/
https://twitter.com/NFT__machine/status/1544662193903267840

Although it is bad in recent months, bear market is good for growth because price can not increase forever. In any market, corrections are the must. Bear market gives developer a less noisy working conditions and it is good for Bitcoin development too.

2stout

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Wouldn't be surprising as this would be one of the result of clout and profit chasing crypto if so as weak hand get shaken down and out. And of course once things are 'rosey' again, you'll see the 100-150% increase in active users.

yhiaali3

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Decreased activity does not necessarily mean people give up their cryptocurrency, this may be the result of Hold’s policy that many people follow in cases of decline, this is very normal in such bear markets, in addition, I can’t trust the banks statistics much because most people prefer privacy and anonymity When working in Crypto, therefore, it is very difficult to get accurate statistics. Statistics from large exchanges are more accurate in such cases.

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Quote from: qwertyup23 on July 06, 2022, 06:16:52 PM

Quote from: Accardo on July 06, 2022, 10:45:52 AM

But, not to such a number unless the LUNA deceased investors made up most of the stats. What do you think?

This is somehow unfortunate and I honestly think that this is indeed, due to FUD.

With the price of almost all cryptocurrencies crashing, most have decided to pull out their investments based on their contingency plan or their instincts. Though I believe that the price of BTC will recover at least by next year, it is still very unfortunate to see that most have decided to quit on investing cryptocurrencies. I guess, the crash really took a toll on their capital as most expected a "quick profit" in this platform.

Again, cryptocurrency investments are considered as high-risks and this bear market is a normal occurrence.

I think this is not fud but a reality. The interest is cryptocurrencies has declined a lot since the beginning of the bear market. The retailers are out of the market and we don't see much hype of crypto in social media. However, serious investors and whales are still there who are accumulating bitcoin. They number may be small in number, due to which this report says decline in 50% of active cryptocurrency users, however their investments are big.

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It's become a psychological effect, pure hype. When the market starts to drop, people start to see cryptocurrency is not useful anymore because they are just there for investment, they already think it is not profitable anymore because of the dumps.
It's just sad that those people are just here for the money or investment. They should first acknowledge how cryptocurrency works.

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I'm not blaming the investor for this, crypto is highly volatile than other investments I know and maybe this is their first crypto bear market. High risk High return is really happening on crypto space.

ChiBitCTy

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Thanks for sharing this. Interesting information. The problem I have with this right off the bat is I don’t see any links referencing where this twitter account actually got the statics.

I am not sure if this is FUD or not, but I would certainly not be surprised if this is somewhere near the actual numbers. I’m down markets people panic sell like crazy. It’s just sadly how it is.

Darker45

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I don't know how they came up with this figure but I think this is expected because crypto firms are falling one by one. A lot of users must have been exposed to crypto companies that have already bowed down to this bear market. As a result, they became inactive crypto users. But I don't give too much importance to this. This isn't about Bitcoin. As a matter of fact, this is even healthy to a certain extent. People are reminded that centralized and custodial crypto services are risky and that they should quit from it.

hatshepsut93

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50% decline compared to the top of the bull cycle, but something like a 400% growth, compared to 2020. I'd say it's not bad, you can see that the trading volume is increasing in the long run. Maybe it's a bit sad that those users aren't making payments but just speculating, but speculation is also necessary, because higher trading volumes could reduce volatility.

qwertyup23

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Quote from: Accardo on July 06, 2022, 10:45:52 AM

But, not to such a number unless the LUNA deceased investors made up most of the stats. What do you think?

This is somehow unfortunate and I honestly think that this is indeed, due to FUD.

With the price of almost all cryptocurrencies crashing, most have decided to pull out their investments based on their contingency plan or their instincts. Though I believe that the price of BTC will recover at least by next year, it is still very unfortunate to see that most have decided to quit on investing cryptocurrencies. I guess, the crash really took a toll on their capital as most expected a "quick profit" in this platform.

Again, cryptocurrency investments are considered as high-risks and this bear market is a normal occurrence.

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Quote from: mindrust on July 06, 2022, 10:49:27 AM

Big if true. But also very natural. That'!s what happens during the bear markets. Bitcoin and other crypto tanks, people speak of crypto no more and when they least expect it, bitcoin makes a huge jump and everybody talks about it again. Happened many times before and it will happen again. This is the accumulation phase. Don't let it go to a waste.

I definitely agree into this point or words!

People wont totally be talking when there's a bear market and when bull comes then this is the time where the change of waves and wind direction will happen and it would really be on trending once again but if it do

reaches out once again on having deep reds and having lots of fuds and negative sentiments then expect that no one would really be talking about it.Its normal that people would be pulling out their funds on the time
we are experiencing declines which isnt something surprising or shall we say its normal.If you've been here on this market for how many years then these circumstances wont really be giving you some shock.
Banksters and other institutional investors or known people would really usually made out some words something like this to create more FUD.We are already get used to it.

usekevin

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The reason is very simple,it was due to the bear market.The market was fall down to the huge demands was immediately reduced.The market change was huge difference.After few weeks,the price of bitcoin was made the people to think of longer period.So it made the new people to make a involvement in the cryptocurrency for now.This will change when the price of the bitcoin back to the 40k market.

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im guessing its based on wire-transfers for BoA accounts to known exchange accounts

that said.
the number of wire transfers in jan 2020 was under 100k..
but their own numbers reveal that since then they average over 400k people have been depositing into exchanges a month every month. where sometimes double that people do at peak or for different reasons

never ever take an ATH number of any chart and deem it to be the "norm"
ATH(all time highs) are never the norm expectation..

the April 2021 was not the norm/expected, its just the temp high. so no one was making press releases in july 2021 when the hype settled down..

so dont take the Nov 2021 as a "norm" either. and again dont treat the april 22 as the bad press news sign of hate.. its just the calm after the tsunami

expect the waves in any chart.. just ride the waves and try to find where the real low tide lays to find the "norm" and then look at the chart from bottom up not top down..

if numbers never go below say 150,200 or 300 again. then thats the new norm.. the new low

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So how do they come up with stats, though?

Are these figures from compliant exchanges, or just Bitcoin addresses created/transactions made?
Regardless, more people tend to get into crypto in bull runs due to FOMO and get out when there is a bear market, which is normal. So I don't know why this is making news.

Topic: Bank of America reported a 50% decline of active cryptocurrency users. (Read 275 times)